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ATM's & Debit Cards

A bank card is given to you by your bank and allows you to get cash from your account using a special machine called an Automated Teller Machine or ATM. In addition to withdrawing cash from your account, you can use an ATM to find out your account balance, transfer money from one account to another, and make deposits into your account. Some ATMs also sell postage stamps or air-time cards for mobile phones. Each bank has its own network of ATMs but you can use your bank card to withdraw cash from any ATM whether the ATM belongs to your bank or not. However, your bank may charge you a fee each time you use an ATM that is part of another bank‘s network.

Using an ATM

1. Insert your ATM Card

2. Enter your PIN

3. Select ―Withdrawal

4. Several Amounts will be displayed on the screen or enter the amount you want by pressing the numbered buttons

5. Choose the account you want to withdraw from if asked

6. Take your cash

7. Take your card

8. Take your withdrawal slip

To use your ATM or debit card, you must have a PIN. This is chosen when you receive your ATM or debit card. Usually a PIN is a 4- to 6-digit number that you choose and keep private. Each time you use your ATM card, you enter the same PIN.

The PIN is additional protection against someone else using your card to take money from your account. What if someone steals your wallet and finds your ATM card? What if you lose your ATM card? Only someone who knows your PIN can use your ATM card.

You must remember the number itself! Choose a number that will be easy to remember. Keep your PIN number to yourself. Don‘t tell anyone else what it is!


Debit Card

A debit card is another way to make banking transactions electronically.

In addition to using it at ATMs, you can use a debit card to pay for goods you purchase in many stores. You must have the money in your account at the time of purchase. The amount of your purchase is deducted from your account immediately. You will receive a regular statement from the bank, showing the total amount deducted from your account and your remaining balance.

ATM (or bank) and debit cards are often the same card but they function in different ways. You use bank cards to withdraw, deposit or transfer cash from one account to another. For withdrawals and deposits, you choose which account you want to use. In contrast, debit cards only take funds from your bank account; usually you do not have a choice. Debit cards can be used to purchase goods. At the time of purchase, you can also choose to use your debit card to withdraw cash from your account as well as pay for the purchase. The store owner needs to have a special machine that enables such transactions with your bank.

Another type of card commonly known as a credit card; ATM and debit cards are NOT credit cards; however, they make banking much more convenient by enabling you to use your account in multiple locations at any time. But, if you use these cards to withdraw cash or buy something, you must have money in your account to cover the amount of the transaction. A credit card is different. It offers instant credit to qualified card holders.

Credit Card

People with a good credit history with a bank can obtain a credit card.

When you use a credit card to pay for goods, you are actually borrowing money from the bank that issued the card. Instead of deducting the amount of each purchase from your account at the time of purchase, the bank will pay the vendors and send you a credit-card bill every month showing all of the purchases you made with the credit card. If you do not pay this bill within 30 days, the credit-card company will begin charging you interest on the unpaid balance.