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A check card is a type of “debit” card that looks similar to a credit card but acts like a check because the purchase amount is deducted from the cardholder's checking account. Check card transactions can be completed in a number of ways: by signing a receipt; making a purchase on the Internet, by mail, or over the phone; or by entering a personal identification number (PIN).
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A check card is a type of “debit” card that looks similar to a credit card but acts like a check because the purchase amount is deducted from the cardholder's checking account. Check card transactions can be completed in a number of ways: by signing a receipt; making a purchase on the Internet, by mail, or over the phone; or by entering a personal identification number (PIN).
Here are some of the advantages and important information about check cards:
- The amount of your purchase is deducted from your checking account automatically—so be certain you have adequate funds at the time of purchase.
- A cardholder could be charged two fees when they use their card to withdraw cash at an ATM that is not owned by your financial institution—one by your financial institution, and one by the ATM owner. With the check card, the cardholder has one transaction.
- People do not want to carry their checkbooks for purchases they are going to make. So instead of carrying a checkbook, people are now carrying check cards.
- Check cards can be used for larger purchases or reservations instead of a standard Visa / Mastercard. The transaction is more likely to be approved and not held up by the fraud departments.
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