What is Debit Card ?

• Debit Card is an An electronic card issued by a bank which

allows bank clients access to their account to withdraw
cashor pay for goods and services. This removes the need
for bank clientsto 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 typeof 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.
 Dangers of using Debit Card
Fraud and unauthorized transactions:
Debit cards are linked directly to your bank account, so if your card is lost,
stolen, or compromised, fraudsters could potentially access your entire account
balance.

Limited fraud protection:

While many debit cards offer some level of fraud protection, it is often not as
robust as the protection provided by credit cards.
 Dangers of using Debit Card
Risk of overdrafts:
Debit cards can be used to make purchases even if there are insufficient
funds in your account, leading to overdraft fees.

No credit-building benefits:
Unlike credit cards, debit card usage does not contribute to building a
credit history or improving your credit score, which could impact your
ability to qualify for loans or obtain favorable interest rates in the future.
 Dangers of using Debit Card
Limited consumer protections:
Disputing transactions or resolving billing errors may be more challenging
with debit cards.

Potential for account freezes:

In cases of suspected fraud or suspicious activity, banks may freeze your
debit card or account temporarily, restricting your access to funds until the
issue is resolved.