Although writing checks is still a common method of payment, Debit Cards are quickly becoming the easiest and most convenient way to pay for goods and services. Debit cards look like a credit card and function a lot like a credit card at the point of sale. However, instead of a credit card which lends you the funds (and thus you might be subject to interest charges), a debit card functions more like a traditional check by debiting the funds directly from your checking account for payment. The debit card also provides access to cash funds from your checking account via Automated Teller Machines or ATMs as they are most commonly know. A Personal Identification Number (PIN) is provided with each debit card for security purposes, and that PIN needs to be entered in order to pay for a purchase or receive cash from the account.
Getting Your Debit Card – Things to Consider
The most important thing to remember with debit cards versus credit cards is that you must have enough money in your checking account at the time of purchase to cover your purchase or cash withdrawal. If you do not have enough funds in your account, your purchase or withdrawal opportunity may be declined or you may be subject to overdraft fees. Many members find that a debit card allows them to maintain a "buy only when you have the money" philosophy versus the temptation to purchase on credit cards.
Whichever you prefer, Washtenaw Federal Credit Union offers you the convenience of debit cards, credit cards, and traditional checks. Stop by one of our locations to get your free Visa Debit card today!