DEBIT CARD Definition

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DEBIT CARD is a banking card enhanced with automated teller machine (ATM) and point-of-sale (POS) features so that it can be used at merchant locations. A debit card is linked to an individuals checking account, allowing funds to be withdrawn at the ATM and point-of-sale without writing a check. Each financial institution creates an identity for its debit card to customize the product and differentiate it in the market. Debit cards can also be called deposit access cards.

Learn new Accounting Terms

ENTITY, in business, is a separate or self-contained existence that provides goods or services.

SUNDRY CREDITORS refers to companies or individuals to which money is owed.

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