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Debit cards and checking accounts go together like peanut butter and jelly. But just like the condiments, they’re not the same thing. One is a tool for accessing your money, while the other is a type of deposit account for everyday spending.
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A debit card is not a checking account, but the two are closely connected.
Is a Debit Card a Checking Account?
A debit card is not a checking account but a card issued by a bank or credit union that is attached to a deposit account. You can use debit cards to pay for purchases and services in person or online, make ATM withdrawals or transfer money.
Checking accounts are deposit accounts intended for everyday use. You can open one at almost any bank or credit union. Debit cards can be linked to checking accounts, money market accounts or sometimes savings accounts.
Debit Card vs. Checking Account
On its own, a debit card is a tool for accessing money. When you use a debit card, you’re drawing directly from your own funds and can generally only spend or withdraw what’s available to you in the linked account, which may be a checking account.
A checking account is a transaction account that account holders can deposit money into and transfer from freely. Checking accounts can be used for a variety of activities, including:
- Debit card transactions
- Automated Clearing House (ACH) payments
- Bank or ATM cash withdrawals
- Bill payments
- Check transfers
- Wire transfers
- Peer-to-peer transfers
As you can see, checking accounts can do much more than debit cards. But without debit cards, spending options would be much more limited for most checking accounts.
Some checking accounts offer additional, money-boosting benefits such as the potential to earn interest on your balance or cash back on your debit spending.
Do You Get a Debit Card With a Checking Account?
Most checking accounts include a debit card. Usually, debit cards are physical cards that come in the mail a few days after opening a checking account. Some banks also offer digital debit cards you can start using immediately.
You don’t usually need to pay for a debit card. However, you may incur a charge for using a debit card to withdraw money from an ATM that isn’t affiliated with your bank, overdraw your account or initiate certain transfers.
When you receive a debit card for a checking account or other bank account, you will often be asked to set a personal identification number (PIN). You will enter this for PIN-based transactions. Alternatively, you may be able to provide a signature to authorize purchases instead of your PIN. This is known as a signature-based debit transaction.
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Frequently Asked Questions (FAQs)
Is a prepaid debit card a checking account?
Prepaid debit cards are a special type of debit card that can be preloaded with money. Rather than being attached to a checking account for instant withdrawals, these cards must be continuously loaded with cash. Prepaid debit cards can be loaded via direct deposit of a paycheck, cash deposit or checking account transfer. You can only spend money loaded onto a prepaid debit card and do not typically have the option to overdraw your account.
Can a debit card be used as a credit card?
No, a debit card can not be used as a credit card. Debit cards give you instant access to money you already have, while credit cards allow you to temporarily borrow money using credit up to an approved limit. You then pay off your credit card balance. Although swiping a debit card or credit card may look the same, the money comes from different sources.
Signature-based debit card transactions, which usually require you to select “credit” at checkout, are simply authorized with your signature instead of your PIN. This does not mean your debit card is being used as a credit card to borrow money.
Debit cards vs. checks
Similar to checks, debit cards give you a way to access the money you have in a bank account. But unlike checks, debit card transactions happen right away when you swipe your card or enter your information. Checks authorize financial institutions to pull a specified amount of money from your account and send it securely to the payee, or the person or entity receiving the funds. Checks generally clear within a business day or two of being deposited, depending on the type of check.
How do debit cards work?
Debit card transactions are instantaneous. As you swipe or tap your card at a card terminal or punch in your card number online, merchants electronically contact the account attached to a debit card to confirm that there are funds available. If a linked account doesn’t have enough money to cover a transaction, the transaction may be declined or may cause your account to become overdrawn. If a transaction that would result in a negative balance is approved, you’ll often pay overdraft fees.
FAQs
A debit card is not a checking account, it is a card linked to a checking account. The primary difference between a debit and checking account is that a checking account holds money, whereas a debit card simply provides access to that money.
Are debit card and checking account the same? ›
A debit card is not a checking account but a card issued by a bank or credit union that is attached to a deposit account. You can use debit cards to pay for purchases and services in person or online, make ATM withdrawals or transfer money. Checking accounts are deposit accounts intended for everyday use.
Can you have a debit card without a checking account? ›
Can you have a debit card without a checking account? Yes. If you do not have access to a bank account, whether it be due to identity theft recovery or otherwise, pre-paid debit cards can be a great alternative. Pre-paid debit cards need to be loaded with money, and you can buy one at a local store or online††.
Which is safer, a debit card or a checking account? ›
Both checks and debit cards are safe to use thanks to different methods of fraud protection. Checks may be better for larger purchases that require a paper trail or for gifts. Debit cards are better for everyday purchases, like groceries and gas.
What is the difference between a check card and a debit card? ›
The terms "debit card" and "check card" mean the same thing. A debit card withdraws money from your checking account as a check does; therefore, it debits your account.
Is an account card the same as a debit card? ›
A debit card is not an “account” but rather a tool for accessing the money that is in one of your bank accounts. They issue the card that is connected to one or more accounts, and then you make purchases or withdraw funds which are immediately or nearly immediately taken from your bank account.
Can I withdraw money from my bank account without a debit card? ›
Using your bank's mobile app, scan the QR code on the ATM's screen and withdraw cash. Biometric verification. Relying on fingerprint or facial recognition, an ATM equipped with biometric technology verifies your identity and then allows you to withdraw cash without inserting a plastic card.
Do you automatically get a debit card with a checking account? ›
Debit cards are often provided when you open an account at a bank, credit union, or financial institution.
Is it safe to pay bills with a debit card or checking account? ›
Debit cards are a step above cash in terms of security, but are still a relatively risky payment method. Debit cards could leave you liable for funds lost to fraud, provide criminals direct access to your bank accounts, expose you to overdraft fees and risk tying up your money in hold charges.
What is the meaning of debit account? ›
Meaning of debit account in English
an account at a store or business which you pay money into, so when you buy their goods or services, the store can take money from your account as payment: Simply make a deposit into your debit account, then present your card at participating locations.
Some ATMs will charge withdrawal fees, and if you use more than the agreed overdraft limit then the fees tend to be much greater than those incurred by credit card usage. Another disadvantage of debit cards is the fact that they have limited funds, which can slow down business.
Can someone access my bank account with my debit card? ›
Using a debit card opens up the possibility that the thief will gain access to the funds in your checking account. Protections are in place if a debit card has been lost or stolen and used fraudulently, but only if you notify your banking institution.
Can someone use my debit card without my PIN? ›
Fraudsters can still use your debit card even if they don't have the card itself. They don't even need your PIN—just your card number. If you've used your debit card for an off-line transaction (a transaction without your PIN), your receipt will show your full debit card number.
Is a debit card considered a checking account? ›
A debit card is not a checking account, it is a card linked to a checking account. The primary difference between a debit and checking account is that a checking account holds money, whereas a debit card simply provides access to that money.
Is it safer to write a check or use a debit card? ›
Indeed, experts say, paying by debit or credit card tends to be the safer bet. Checks can be forged, and identity thieves could lift your personal and banking details straight from a paper check. Even payment apps like Venmo and Zelle have a leg up over paper checks these days.
Can I run my debit card as credit if I have no money? ›
If you don't have enough funds in your account, the transaction will be declined. When you choose to run your debit card as credit, you sign your name for the transaction instead of entering your PIN. The transaction goes through Visa's payment network and a hold is placed on the funds in your account.
Is a checking account credit or debit? ›
The money deposited into your checking account is a debit to you (an increase in an asset), but it is a credit to the bank because it is not their money. It is your money and the bank owes it back to you, so on their books, it is a liability. An increase in a Liability account is a credit.
Is a debit card a current or savings account? ›
A current account typically comes with a debit card, which is helpful when paying for items and withdrawing cash. They're called current accounts as the funds they hold are typically used 'currently'.
What is your routing number on a debit card? ›
Debit cards and credit cards don't use routing numbers. The financial institution links the ATM debit card to your bank account through its banking system.
Can you pay bills with a debit card? ›
Save time and money by using your debit card to pay bills, eliminate the need to write checks, buy stamps or worry about mail delays.
