A debit card is a kind of payment card that allows you to buy goods and services online and at physical stores. Debit cards usually link to checking accounts of banks and credit unions. Rarely will you find debit cards linking to savings accounts since such accounts are meant to keep the money for future use. Again, you can use a debit card to move funds to a bank account. I will show you how to transfer money from a debit card to a bank account.
Furthermore, you can use a debit card to withdraw money at an ATM point. You require a PIN to withdraw money from an ATM. It is impressive to note that debit cards allow you to electronically carry large sums of money in your pocket rather than risk them in your bag, wallet, or box. You can easily lose them to thieves, fire, or misplace them on your way to the market center.
Most debit cards allow you to operate their accounts online using your smartphone. Technology has advanced so much that you do not need to line up at a bank or credit union office to carry out a transaction. You only need an application from your card issuer whereby you can secure your logging using a password, Touch ID, or PIN. Such apps allow you to view your transaction histories, account balances, and so on.
How to get a debit card
You can get a debit card if you open a checking account from a bank or credit union. All banks and credit unions give debit cards to help you access your funds from your account for your daily needs. To open a checking account, you can follow the procedure below.
- Visit various banks online or at physical branches and find out the features of their checking accounts. You will be able to see the various features of these bank accounts such as monthly fees, annual fees, rewards, and so on.
- Choose the most appropriate account from your bank or credit union of choice and begin the application process.
- Ensure that you have;
- Social Security Number
- An identification doc such as a passport, driver’s license, or government ID
- An active email address
- Phone number, and
- Physical address.
All these details are necessary whether opening your account online or at a physical branch. Once you fill and upload all the necessary details, you wait for approval which takes a few minutes to a few days. Once your account is ready, you then get a debit card for free. Some financial institutions may require you to decide whether to get the card or not.
Once you get your debit card, you will need to activate it either online or at a physical branch. Most debit cards come with a PIN that you should memorize or change to the one you can remember easily. Upon activation, the card is ready to use.
When applying for your checking account, it is wise to get a debit card to make it easy to use money from your account. Like I mentioned earlier, there are many kinds of transactions that you can do with a debit card. By the way, you can transfer money from a debit card to another debit card of either the same or a different bank.
How to use a debit card
Since I highlighted how you can use a debit card, let me discuss the card usage in detail. The following are ways you can use a debit card.
i) Withdraw money from an Automatic Teller Machine (ATM)
A debit card allows you to get money out of your account via an ATM. You can do so by visiting a machine that supports your card service provider. In front of the machine, you can see a slot where you can insert your card. There is also a screen that displays various items.
Once you insert the card, you should key in your PIN, which is usually a four-digit number, and hit okay. A menu will open on the screen, giving you various options. Go straight to the withdrawal money section and follow the prompts. Money comes out just below the card slot. Once finished, press the ‘X’ button to eject the card.
ii) Pay for goods and services
You can use your debit card to purchase goods and services online or at physical stores. You can log into your card account online and enter the seller’s details to transfer money when paying online.
You can also enter your card details, such as your card number and the CVV, to make a payment on a website. At physical stores, you can swipe or make signature-based transactions using the card.
iii) Transfer Money
Debit cards allow you to transfer money to cardholders of the same card issuer or of different ones. You can do it online or at an ATM point. You need the recipient’s account number for the case of a recipient of the same issuer as yours. If you are transferring money to a recipient of a different issuer, you will need the account plus the routing number of the recipient.
When sending money online, begin by logging in to your online account, navigating to the transfer money section, entering the necessary details and the amount of money to transfer, and then authorizing the transaction with your password, Touch ID.
If you are sending money at an ATM point, navigate the transfer money section once you have inserted and put your PIN. You can transfer money to a recipient of your card issuer or of a different issuer. You can also transfer funds from a debit card to a bank account.
Prepaid debit cards also allow you to transfer money to a bank or other debit cards. Interestingly, prepaid cards do not require a bank account. Using a prepaid card is one of the ways you can send money to someone without a bank account.
How to transfer money from a debit card to a bank account
In the real sense, when you transfer money to a debit card that links to a particular bank, you have just transferred it to the bank itself. However, you can directly transfer money to a bank account online using your card in the following manner.
- Open your card issuer’s website.
- Log in to your debit card account.
- Navigate to the money transfer section.
- Enter the amount you want to transfer.
- Enter the required bank account details as per the form.
- Follow the prompts and complete transactions.
You can also transfer funds from your debit card to a bank account at an ATM point using the following procedure.
- Insert your card into the ATM.
- Enter your PIN.
- Navigate to the money transfer section
- Enter the necessary details as per the instructions.
- Complete your transfer.
Debit card transfers to a bank account of the card issuer may reflect within a short time. However, when transferring to a bank account not related to the card issuer, the funds may take a day or more to reach the target account.
Another option to transfer money from your card account to a bank account is walking to the nearest bank that supports your card service provider and requesting the bank tellers to assist you in transferring money to the target bank account.
You have to provide the receiving bank account details as well as your identification document to proceed. You may also need to sign to authorize the transaction.
Similarly, you can send money with a checking account number instantly to a debit card of the same bank like yours. You only need to get the card account number and maybe the recipient’s full name to complete the transfer process.
Can I cancel a debit card for a bank transfer transaction?
If you transfer funds to a bank account of the same card issuer, the funds may reach the bank account as soon as you transfer. It might prove challenging for your card issuer to reverse the transaction. In such a case, you will get the recipient’s contact details from your bank and contact them to return the funds to you.
Most banks usually take the first step to freeze the recipient’s account to prevent them from withdrawing money from their accounts. They then contact the bank account holder and inform them about the erroneously received money. The account owner must agree for the bank to refund the transaction.
If you send money to a bank different from your card issuer, then you can cancel the transaction before your card issuer processes it. You can then get back your money plus your fees where possible.
Can someone else use my debit card?
Someone else can use your debit card if you reveal your PIN to them. It is always advisable to keep your PIN private to avoid losing money. Someone with your PIN can withdraw money at an ATM. Again, you should never reveal your online login details since you can easily lose your money.
Another way someone can use your debit card is by entering the card details online to purchase goods and services. Remember that you require the card number and the CVV, usually printed at the back of the card. It is therefore advisable to keep the card at a secure place where no one can see it.
A debit card is a kind of payment card that allows you to use money from your bank account for various kinds of transactions. Debit cards link to checking accounts. You can use a debit card to withdraw money at an ATM, send money to others, and buy goods and services. It is possible to operate your card account online using your smartphone.