Debit

One of the means by which bank customers can make their purchases and payments for services is the debit card . With them, people may not have to carry cash in their pockets, a situation that currently involves all risk. Are cards in which the expenditures to be made with them will be reduced so immediately from their bank accounts without any additional charges occur.

Debit card features

There are several characteristics that can be observed in debit cards, the most important are mentioned below:

• Most debit cards are free, although some banks charge for the annual maintenance of the account.
• Some do not charge a commission for withdrawing money from the account.
• They offer different types of discounts , special offers and even returns for their use.
• They can provide insurance to associates.
• They can be used abroad depending on the type of card and also to make online purchases.
• Many accounts with a mobile application from which different types of transactions can also be made.
• They are easy to use .
• It is known by the name of electronic or plastic money .

Source

The origin of the debit card dates back to 1966 when the Bank of Delaware originally put it to the test.

History

After its invention, several banks in the 70s began to test with this type of card. According to the story bank, its use has increased significantly over the years 80 and 90 , after they also started to use ATM machines in the country. By 1990, its use had increased by 300 million transactions and by 2009, the number had risen even more.

What is it for

A debit card is a tool that allows bank customers the option of managing their money in a faster , more efficient and safe way . They are a type of card through which it is possible to make payments with the money saved in a bank account, which must be linked to the card. It is also a means by which the customer can withdraw money from the ATM without having to queue inside the institution.

How does it work

In order for the debit card to work, it must first be associated with the savings account that the customer has in a certain bank. If you are going to make a purchase in a business, you only need to present the card and sometimes the identity document so that later it is passed through the electronic device known as the dataphone , the person who passes the card must Enter the verification number in the device and then the purchase will be made.

When the purchase is finalized, a receipt or proof of payment is issued which should be kept in case of any claim. When the operation has been approved , the money will automatically go from the customer’s savings account to the account of the commercial establishment where the purchase was made. In the event that the card is used to withdraw money , you must first go to the ATM , insert the card into the slot, then place the key or pin that the bank has given you in a secret document and thenenter the amount of money that needs to be withdrawn.

Types

There are several types of debit cards, among which the following can be mentioned:

• Visa debit cards : are considered debit cards more accepted to worldwide for all types of electronic transactions and online. This type of debit card is issued by banks that have joined the international Visa Payment System network.
• MasterCard debit cards : it is one of the most popular and is one of the most accepted forms of electronic payment in the world.
• Visa Electron debit cards : similar to Visa debit cards, except that these debit cards guarantee that you will not spend excessively . They can be used to withdraw cash at national and international ATMs . No interest is charged when cash is withdrawn with a card.
• EMV cards : the acronym EMV is an acronym for Europay , MasterCard , Visa , and they are the latest cards with global standard chip- based technology to make card payments.
• Platinum Debit Card : have limits to more effectively remove high and limits transaction more elevated . They are intended for clients who are interested in having large cash withdrawals, although there is also a transaction limit.

Requirements to get a debit card

The first requirement that is needed to be able to request and obtain a debit card is to have a checking account , a savings account or a demand account in a certain banking facility. Then, the client must go to the bank to request the card, which will generally be delivered within three or five business days. When the card is delivered, it can already be used. In addition, you must be over 18 years of age, although currently there are debit cards for minors which must be requested by parents.

How to find out my debit card number

There are several mechanisms that can be used to find out what the debit card number is. The first of them is to locate it on the front of the plastic of the card, it can also be found in the bank’s app or in online banking specifically in the section called “cards”. In the contract delivered by the bank, it can also be a means of locating the card number or the client can attend the bank office and presenting the identity document, the entity will provide the number.

What is the security code of a debit card

The verification code of the debit card is known by the acronym CVC they mean Card Verification Code or Spanish, Code Card Verification . This is an additional code that is located on the card and is the last three numbers or digits that are printed in the space where the cardholder’s signature is placed.

This code, to the being unembossed shaped relief can not be printed anywhere when a payment what is done gives a security level quite significant so it is considered a personal code of safety .

Importance

The debit card is important because it represents one of the best and simplest payment methods with which you can purchase products or pay for services which are automatically deducted from the customer’s bank account without incurring any interest rate for the use of it. It is a very orderly and safe environment because with them, the person avoids having to carry cash.

It is a good mechanism by which the control of expenses can be improved since they can be constantly reviewed in the account statements that the issuing entity provides to the client. It can also be used as an efficient and safe way of saving .