ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A debit card is a payment card that is linked to the funds in your account and can be used to withdraw or deposit cash at ATMs and be used at both in-person and online retailers. When you use your debit card to pay for goods or services, those funds will be deducted from your checking account balance.

Detailed explanation-2: -Debit cards take money out of your checking account immediately. Debit cards let you get cash quickly. You can use your debit card at an automated teller machine, or ATM, to get money from your checking account.

Detailed explanation-3: -You can’t use your debit card if your bank account is empty (unless you sign up for overdraft protection), but you can use a credit card. When you use a debit card, the money is automatically taken out of your checking account. When you use a credit card, you pay the bill later.

Detailed explanation-4: -Remember: Your debit card is linked to your checking account. So when you use your debit card to pay for something, you’re using money you already have-and funds are deducted directly from your bank account.