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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
Collateral
Property or assets offered as security for a loan. If the borrower defaults, the lender can seize the collateral to recover the value of the loan.
Vesting
The entitlement to a present or future asset or benefit, usually referring to an employer-provided benefit such as a retirement account.
Disclosure
The act of making information known to the public or to a specific individual or group.