Checking Accounts and Debit Cards
by: Maryam Siddiqui
What is a checking account and a debit card?
A checking account is an account in which you place your money in an account and pay for things using a check. The money is withdrawn from the checking account using a check.
A debit card is a card where payments can be withdrawn from a savings account using the card.
* A savings account is an account that allows you to place your savings in a bank account and you can add to it as you get more money.
How do I get started and what should I look for when investing in a checking account and a debit card?
With a debit card, make sure there is a minimum balance that it is your savings account to be able to have a debit card.
What are the potential dangers of each?
With a debit card, there is also a fee if you try to overdraw money. For example, if you run out of money in your savings account, and you try to use your debit card, you may have to pay a large fine to borrow money from the bank.
What are the benefits of each?
Another benefit in regards to the checking account is that you can use an ATM, a machine that allows you to withdraw money and gain access to cash right away.