About Debit Cards
When I opened my first saving account at the age of 16, I was very thrilled. What I got from bank was passbook and a booklet of withdrawal slips. There was no check book or ATM debit cards. Now a day when you open saving or checking account with any regional or national bank, you will not only get passbook, check book but also a plastic card called as Debit Card. Debit card is also called as electronic check because when you make transaction by using debit card money is immediately transferred or deducted from your account.
The advantage of using debit cards is that you don’t have to carry pile of money for big purchases. Also it is very convenient to carry one card and in case it is lost you can simply put stop on card by reporting to bank. If you loose money and chances of recovering that money are next to none.
The use of debit card is so widespread worldwide that use of check is going day by day. People are shopping on internet with debit cards. Some are paying their utility bills with debit cards. This is also handy when you need to pay immediately avoiding late fees. Debit card also acts as ATM cards. One can use these cards at Bank’s ATM for withdrawing money.
Types of Debit Cards
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