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Debit Card
A payment card linked to a checking or savings account that allows the cardholder to access and spend deposited funds.
More Details
A debit card is a payment card that is linked to a checking or savings account at a financial institution. It allows the account holder to make purchases or withdraw cash from the linked account by using the card at merchants that accept it.
Example
You’re online to check out at the grocery store when you realize you forgot to bring cash. No worries—you remember that you just set up your debit card with MCU last week and can use that to pay for your groceries.
Related Terms
Account Statement
An official summary of all transactions and activities that occur in an account over the course of a given period of time.
Credit
The ability to borrow money or to purchase goods or services on the promise of future payment.
Federal Deposit Insurance Corporation (FDIC)
A US government agency that protects depositors by providing deposit insurance to banks and other financial institutions.