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Unit 3: Financial Institutions & Banking Systems

Dollars & Sense. Unit 3: Financial Institutions & Banking Systems. Part 4: Debit Cards. What Happens If They Don’t Take Checks?. Use a Debit Card!. Click Visa Debit Commerical . What is a Debit Card ?. Enable customers to withdraw money directly from account.

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Unit 3: Financial Institutions & Banking Systems

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  1. Dollars & Sense Unit 3: Financial Institutions & Banking Systems Part 4: Debit Cards

  2. What Happens If They Don’t Take Checks? Use a Debit Card! Click Visa Debit Commerical 

  3. What is a Debit Card? • Enable customers to withdraw money directly from account. • Linked to a specific account, typically checking. • When you make a purchase it automatically deducts that amount from the account linked to card • You are using your own money!

  4. Making Purchases with Debit Card • Card will be ‘swiped’ • Enter PIN • Cashier gets approval code • Code shows you have enough money in account for purchase

  5. Questions to Ask about Debit Cards • Annual Fees? • Account Link? • ATM withdrawal fees? • These are separate from the machine fee! • What happens if card is lost? • Electronic Fund Transactions Act • You are responsible for up to $50 if reported in 2 days. • You are responsible for up to $500 if reported in 3-60 days.

  6. Creating a Debit Card

  7. Your Task • Create a personalized debit card using a blank piece computer paper (8.5 x 11). • Using pictures, colored pencils, markers, construction paper – make a professional looking debit card. (Oversized of course!)

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