Term: Debit Card

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A debit card is a payment account where the amount of the transaction is withdrawn directly from the cardholder’s checking account at the time of the transaction or when the merchant’s batch is settled. Debit card transactions are considered to be safer than credit cards as there is less chance of the funds not being available and a generally lower rate of fraud. As a result, debit card transactions usually have a lower processing cost for the merchant than an identical credit card transaction.

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