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    Savings Account - Debit Card Facility

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    clinus007
    Debit cards are electronic cards linked directly to a cardholder's bank account. When used for purchases or ATM withdrawals, the funds are automatically deducted from the account balance. Debit cards offer convenience by allowing access to funds without cash or checks while providing greater security than carrying money. They are offered in various forms by banks for online, prepaid, offline, and telephone/internet transactions. Most require a PIN and allow purchases at stores and cash withdrawals from ATMs. Advantages include financial discipline, availability to those with poor credit, ability to make online purchases, safety from carrying cash, and lack of interest or fees. However, fraud protection may be less than credit cards and emergencies may require credit beyond

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    Savings Account - Debit Card Facility

    Uploaded by

    clinus007
    44 views6 pages
    Debit cards are electronic cards linked directly to a cardholder's bank account. When used for purchases or ATM withdrawals, the funds are automatically deducted from the account balance. Debit cards offer convenience by allowing access to funds without cash or checks while providing greater security than carrying money. They are offered in various forms by banks for online, prepaid, offline, and telephone/internet transactions. Most require a PIN and allow purchases at stores and cash withdrawals from ATMs. Advantages include financial discipline, availability to those with poor credit, ability to make online purchases, safety from carrying cash, and lack of interest or fees. However, fraud protection may be less than credit cards and emergencies may require credit beyond

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    Debit cards are electronic cards linked directly to a cardholder's bank account. When used for purchases or ATM withdrawals, the funds are automatically deducted from the account balance. Debit cards offer convenience by allowing access to funds without cash or checks while providing greater security than carrying money. They are offered in various forms by banks for online, prepaid, offline, and telephone/internet transactions. Most require a PIN and allow purchases at stores and cash withdrawals from ATMs. Advantages include financial discipline, availability to those with poor credit, ability to make online purchases, safety from carrying cash, and lack of interest or fees. However, fraud protection may be less than credit cards and emergencies may require credit beyond

    Copyright:

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    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    44 views6 pages

    Savings Account - Debit Card Facility

    Uploaded by

    clinus007
    Debit cards are electronic cards linked directly to a cardholder's bank account. When used for purchases or ATM withdrawals, the funds are automatically deducted from the account balance. Debit cards offer convenience by allowing access to funds without cash or checks while providing greater security than carrying money. They are offered in various forms by banks for online, prepaid, offline, and telephone/internet transactions. Most require a PIN and allow purchases at stores and cash withdrawals from ATMs. Advantages include financial discipline, availability to those with poor credit, ability to make online purchases, safety from carrying cash, and lack of interest or fees. However, fraud protection may be less than credit cards and emergencies may require credit beyond

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
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    Savings Account – Debit card facility

    Debit Cards or Credit Debit Cards are electronic plastic cards that are used as a substitute
    for cash. Bank Debit Cards help reduce the need for carrying cash and checks. Debit cards
    are directly linked to a cardholder’s bank account. Whenever a card holder withdraws
    money from an ATM or uses the debit card for making payments, his/her account balance
    is automatically reduced.

    Debit cards are becoming more popular because they use the funds from the cardholder’s
    savings or checking account, offering convenience and safety.
    Debit Cards
    Debit cards are offered by banks in the following forms:
    • Online Card
    • Prepaid Card
    • Offline Card
    • Electronic Purse Debit Card
    • Debit Cards for telephone, mail and internet transactions
    Operations in Debit card operated accounts
    • Most debit cards have two features: the ability to purchase items at stores
    that have automated debit or credit card machines, and the ability to
    withdraw cash from your bank account at an automatic transaction
    machine (ATM).
    • For savings accounts, a bank will commonly ask if the account holder
    wants to receive a card.
    • many people still get cards for these accounts for fast access to cash in
    case of an emergency.
    • Most forms of debit cards require a personal identification number (PIN)
    as a security feature.
    Debit Cards - Advantages
    • They help people to be disciplined financially, since one cannot
    splurge with the limited amount of funds deposited for the card.
    • A person with poor credit can obtain a debit card without too much
    trouble.
    • Debit cards can be used to make online purchases and payments.
    • They provide freedom from carrying cash and checks while
    traveling, thereby offering more safety.
    • Debit cards do not charge high interest rates or fees on card
    transactions.
    Debit Card-Disadvantages
    • Debit cards come with lesser fraud protection facilities than credit
    cards.
    • Some transactions cannot be carried out with a debit card, such as
    renting a car in a foreign country.
    • In case of an emergencies where credit is urgently needed beyond
    your account balance, a debit card will not be enough to meet your
    needs.
    Loss/Theft of Debit card
    • In case of loss of debit card, report the loss to the concerned Bank
    immediately by calling Customer Care. The card will be blocked
    instantly. On the same call, a request for a new card can be
    forwarded.
    • Also the loss of card has to be reported in the police station of the
    area where the card was lost or misplaced.

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