Debit Cards

A debit card is a card that is linked to your checking account and draw funds directly in order to make purchases. Debit cards eliminate the need to carry checks or cash, but they do allow you to make ATM withdrawals when needed. As the funds pull right away, this is a great option for daily purchases.

When you make a purchase, the total amount will be placed on hold in your checking account. Then the merchant will send the transaction to your financial institution and funds are transferred to the merchant’s account. This is often done very quickly, meaning the user will have less movement on their account that needs monitoring.

When you swipe your card in store, you can select either debit or credit at the register. If you select debit, you will need to enter your four-digit PIN. If you select credit, you will need to sign a copy of the receipt. Both transactions will pull from your checking account in the same way. You will also need to enter your PIN to withdraw from an ATM.

A debit card is a great option for many. Users don’t pay interest on their purchases and transactions appear on monthly checking account statements, making it easier to track spending. In contrast to credit cards, debit cards make it difficult to overspend since users are limited to the funds available in their account. Debit cards are a practical tool for money management and helping users live within their means.

There are some limitations for debit cards, include daily purchase limits, lesser fraud protections, and a lack of influence on your credit score. To learn more about additional MY CREDIT UNION products that can help to round out your financial plan, please visit us in branch to discuss what options might be right for you.

Debit cards are available, often free of charge, to those with an active checking account. They allow you to make purchases with the available funds in your account, making them a secure and convenient option for many.

Debit cards are a good option for teenagers, thirteen or older, who are often beginning their first jobs. As they start to receive paychecks and spend their own money, a debit card will be a useful tool in tracking their spending. This can be an important step in building responsible money habits.

Debit cards are also a great option for those who are learning to better manage their money. As payments pull directly from your account, it becomes harder to overspend. Unlike a credit card, which does not require immediate payment, a debit card will hold you accountable to only spend what you have.

To Report Lost or Stolen MY CREDIT UNION Debit Cards

Please call: 866.565.6121 (24 hours per day)

Visa Assistance Outside the U.S.

Debit Collect: 727.299.2449