The debit cards issued by banks, and in the majority of cases, appear and function exactly the same way as credit cards. It is the only distinction is that the card will not provide you with credit. In reality the use of a debit card is similar to writing a check with no paper. The amount you spend will be taken directly from your checking account almost immediately, based on the method by which the transaction was actually executed. There’s no charge to pay at the close of the month, there aren’t any interest accruing and no membership charges. If you don’t have enough money to cover the transaction, the debit card will be returned as an error message and the transaction will be denied. The banks typically set an amount limit on the size of a single transaction that is completed in any given day. It can range from $500 to $2,000. If you suspect that you’ll use your debit card to the extent of your limit , you should be granted a pre-authorization by your bank. This usually is valid for 24 hours. Certain banks charge fees for debit transactions, but not for charges. There are many products […]
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