Debit & ATM Cards
Most banks will offer you a debit card and/or ATM card
that is attached to your checking and/or savings account.
These cards give you easy access to the money in your
account(s), allowing you to withdraw cash from an ATM
machine.
In addition, debit cards can take the place of writing checks, paying with cash or using a credit card when you make purchases. When you use a debit card, the money comes directly from your checking account, just like when you write a check.
ATM and debit cards give you easy access to your money, but that easy access might cost you. Make sure that you are aware of any fees that you will be charged when you use your card. For example, if you withdraw money from your account at your own bank’s ATM, you probably won’t pay any fees for that transaction. However, if you withdraw money from a different bank’s ATM, you could get charged a fee from that bank as well as your own. And those fees can be pretty hefty.
Something important to note about debit cards: they may look like credit cards (they might even say Visa® or MasterCard®), and you may be able to pay for purchases with them like you would with a credit card, but they are definitely NOT credit cards. A debit card will not help you build credit.
For information about credit cards and managing credit, click here.
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