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What is Debit Cards
Debit card is a type of payment card. It is a product that enables cashless payments at retailers or web stores for goods and services, or allows to withdraw cash from ATMs.

Debit card is a type of payment card. It is a product that enables cashless payments at retailers or web stores for goods and services, or allows withdrawal of cash from ATMs. The card is issued to a current account, from which, after the holder performs a transaction, the bank deducts the appropriate amount from his account. Drawing on this type of card is usually possible to the amount authorized in the current account and to the limit of debit card.

Debit cards in practice: Debit cards are tied to the current account. They are used for cashless payments and withdrawals from ATMs, and are used by organizations and individuals. The advantage of debit cards is minimizing the risks associated with holding cash and payment option without having to carry around enough cash. Settlement of transactions by the bank takes at the electronic cards up to several days, with embossed can take more than a week.

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Last update: 03.11.2016

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