Unit 3: Financial Institutions & Banking Systems
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This guide provides an overview of debit cards, highlighting their functionality and benefits. A debit card allows customers to withdraw money directly from their checking accounts, with funds automatically deducted from the linked account upon purchase. Key aspects include the swiping process, entering a PIN, and obtaining approval codes. It also addresses important considerations such as annual fees, ATM withdrawal costs, and procedures for lost cards, emphasizing consumer responsibility under the Electronic Funds Transfer Act. Finally, a creative task encourages designing a personalized debit card.
Unit 3: Financial Institutions & Banking Systems
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Presentation Transcript
Dollars & Sense Unit 3: Financial Institutions & Banking Systems Part 4: Debit Cards
What Happens If They Don’t Take Checks? Use a Debit Card! Click Visa Debit Commerical
What is a Debit Card? • Enable customers to withdraw money directly from account. • Linked to a specific account, typically checking. • When you make a purchase it automatically deducts that amount from the account linked to card • You are using your own money!
Making Purchases with Debit Card • Card will be ‘swiped’ • Enter PIN • Cashier gets approval code • Code shows you have enough money in account for purchase
Questions to Ask about Debit Cards • Annual Fees? • Account Link? • ATM withdrawal fees? • These are separate from the machine fee! • What happens if card is lost? • Electronic Fund Transactions Act • You are responsible for up to $50 if reported in 2 days. • You are responsible for up to $500 if reported in 3-60 days.
Your Task • Create a personalized debit card using a blank piece computer paper (8.5 x 11). • Using pictures, colored pencils, markers, construction paper – make a professional looking debit card. (Oversized of course!)
