Debit Card

Debit Card
An electronic card issued by a bank which allows bank clients access to their account to withdraw cash or pay for goods and services. This removes the need for bank clients to go to the bank to remove cash from their account as they can now just go to an ATM or pay electronically at merchant locations. This type of card, as a form of payment, also removes the need for checks as the debit card immediately transfers money from the client's account to the business account.

The major benefits to this type of card are convenience and security. Along with the convenience of accessing account funds at anytime it also removes the hassles associated with having to write checks as payment like showing ID and associated fees. Debit cards are also considered to be a safer form of payment as a code is required to access the account funds, while checks can be easily stolen.


Investment dictionary. . 2012.

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Look at other dictionaries:

  • debit card — A card issued by a bank that combines the functions of an ATM card and a check. A debit card can be used to withdraw cash at a bank, like an ATM card. It can also be used like a check at stores, to pay for goods and services. A debit card is… …   Law dictionary

  • Debit card — Deb it card , n. [See {debit}.] a small usually plastic card with a magnetic coded number, similar to a credit card, which is used to pay for purchases by the electronic deduction of a sum of money (a debit) directly from the card holder s bank… …   The Collaborative International Dictionary of English

  • debit card — n a plastic card with your signature on that you can use to pay for things. The money is taken directly from your bank account →↑cash card, ↑cheque card, ↑credit card …   Dictionary of contemporary English

  • debit card — debit cards N COUNT A debit card is a bank card that you can use to pay for things. When you use it the money is taken out of your bank account immediately …   English dictionary

  • debit card — ► NOUN ▪ a card allowing the holder to debit a bank account electronically when making a purchase …   English terms dictionary

  • debit card — debit ,card noun count a plastic card given by a bank that you use for paying for things. It moves money automatically from your bank account to the account of the person you are paying. ─ compare CREDIT CARD …   Usage of the words and phrases in modern English

  • debit card — n. a kind of bank card that allows the cost of purchases to be automatically debited, or deducted, from the cardholder s bank account …   English World dictionary

  • Debit card — Personal finance Credit and debt Pawnbroker Student loan Employment contract Salary Wage Empl …   Wikipedia

  • debit card — A card that resembles a credit card but which debits a transaction account ( checking account) with the transfers occurring contemporaneously with the customer s purchases. A debit card may be machine readable, allowing for the activation of an… …   Financial and business terms

  • debit card — UK / US noun [countable] Word forms debit card : singular debit card plural debit cards a plastic card given by a bank that you use for paying for things. It moves money automatically from your bank account to the account of the person you are… …   English dictionary

  • debit card — noun a card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder s bank account • Hypernyms: ↑open end credit, ↑revolving credit, ↑charge account credit, ↑positive… …   Useful english dictionary

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