Credit and Debit Cards
Money Management
Commercial Bank and Checking Accounts

Is it possible to overdraw a checking account using a debit card?

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Answered 2010-09-13 21:13:52

Yes a lot of people tend to overdraw their checking account because they do not know how to balance their checkbook.

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No a minor can't have a debit card because in order to have a debit card, he/she has to have a valid checking account. How can a minor have a checking account when banks don't let you open a checking account until you are 18?

An ATM withdrawal or a cheque withdrawal or a swipe at the grocery store etc are all debits on the checking account. Any transaction, that reduces the money in our account is a debit.

A "debit" is a subtraction and "DDA" means checking account. You should contact your bank directly for information about exactly WHY your account was debited, but here are some possible reasons:- You requested a transfer to another account from your checking account, and a DDA debit form was used to complete the transfer- You are overdrafted on another account or owe the bank money and they have recollected their loss by debiting your checking account- You deposited checks and totaled them wrong on the deposit slip, so the bank has made an adjustment to reflect the correct total- You are being charged for another reason, such as a returned check

A checking account gives you access to your money from an atm, and various grocery store checkouts. Unlike a savings account a checking account is meant for quick withdrawals, you can access money from your checking account using a debit card and pay for items any where a debit card is accepted.

Not usually. You can only use a debit card IF there are already sufficient funds in the linked bank account to complete the transaction. Debit cards are usually linked to savings accounts (rather than a current account). You cannot overdraw on a savings account - therefore there are no fees incurred.

It is your checking account , but it is debited, not credited.

A debit is what occurs when you reduce a credit balance in a liability account such as a checking account. A debit can occur using a debit card, endorsed check, ATM withdrawl or withdrawl for the bank teller.

They are one in the same with the exception that with cash you have the money in hand. Debit is a card that is linked to your checking account and you debit your money from your account but it is the same as cash in a store.

Yes, you may have a debit card at any age, assuming the checking account is in that persons name.

Debit cards can be used many places. A debit card is basically an electronic form of a check. When one deposits money into his/her checking account, this increases the amount in that account. In order to purchases goods and/or services, the debit card may be used. This will decrease the amount in that checking account. Most places that accept credit cards as a form of payment, will accept debit cards as well. If not, the debit card may be used at an ATM to retrieve cash.

First of all, you cannot get a VISA debit card without having a checking (Or savings) account. A debit card does not exist stand-alone without a linked bank account. So, if your VISA debit card is linked to your bank account, then you can use it to pay for a loan. For a loan provider, the type of bank account you have does not really matter. All that matters is whether you'll repay the loan.

Yes. The debit card is usually linked to an account and the moment the transaction is approved at the POS terminal the amount gets debited from our account. POS: Point of Sales. (the place where you swipe your debit card)

If this is in reference to a debit card, the checking account number is not found on the card, for obvious reasons.

In a checking account, it means to take money from the account in order to pay a bill or money owed to a merchant.

form_title=Set up a Checking Account form_header=Having a checking account will help you keep track of your money. Does your company offer direct deposit?= () Yes () No Would you like a debit card?= () Yes () No What other features would you like with this account?=_

Debit the account that is receiving the cash and credit the account that the cash is coming from. Because debits always equal credits, every transaction (including a deposit) must have equal debits and credits. For example, if you are depositing $100 received for a sale, debit the checking account and credit the revenues or sales account. If you are depositing $100 that was received from a customer to pay off an accounts receivable, then debit the checking account and credit that customer's account in accounts receivable.

If you are a company and purchasing software for the company then the entry would be a credit to the checking/cash account and then a debit to an expense account.

Debit cards were first issued in 1978 by the First National Bank of Seattle. Debit cards connected to the cardholder's checking account with their available balance.

Checking accounts do not have limits on the amount of transactions that can be made from them. If you plan on withdrawing cash or making purchases with a debit card, then you still need to get a checking account.

Any bank that uses savings accounts should ! A debit card is usually applied to an account that cannot overdraw (thus protecting the customer and the bank from excessive charges). A debit card requires no credit check, because it's simply an electronic form of cash. You can only spend up to the balance in your account

A commercial checking account is a bank account for a company to be able to have access to money easily with the ability to withdraw via checks, online services, ATM's and electronic debit.

Chase offers a checking account called Chase Access checking that you may be approved for. There is a monthy fee of $10 and you can't use checks, but you get a debit card.

It works much the same as a credit card but the funds are removed from your checking account

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