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A-Z of Financial Terms

Debit Card

Debit cards can be used to pay for many things without using cash or a cheque. Some are multifunction cards which can also be used in cash machines to take money out of your bank account, and to guarantee cheques. (If you use your card to guarantee a cheque, the person you pay your cheque to knows it will be honoured by the bank.) When you make a payment or withdraw cash with your debit card, the money is taken straight out of your account electronically. You cannot borrow money on a debit card. Useful when paying in shops, shopping by phone or on the internet.