Debit cards eliminate the need to carry cash or physical checks to make purchases, and can also be used at ATMs to withdraw cash.
Debit cards usually have a daily purchase limit, which means it may not be possible to make a particularly large purchase with a debit card.
Debit card purchases can generally be made with or without a personal identification number (PIN).
You may be charged an ATM transaction fee if you use your debit card to withdraw cash from an ATM that is not affiliated with the bank that issued your card.
Some debit cards offer rewards programs similar to credit card rewards, such as 1% back on all purchases.
The account balance represents the available funds or present value of an account of a particular financial account, such as a checking, savings or investment account.
A canceled check is a check that has been redeemed by cashing or depositing it, making the check invalid for further transactions and cannot be reused.
Overdraft protection is a guarantee that a check, ATM, bank transfer or debit card transaction will be canceled if the account balance falls below zero.
The 3-6-3 rule is a slang term for an informal practice in banking, especially in the 1950s, 1960s and 1970s, that was the result of the industry’s uncompetitive and simplistic conditions.
The annual equivalent rate (AER) is the actual interest rate on investments, loans or savings accounts that can be obtained after compounding interest.