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Even though debit cards have become widely used, many people are unfamiliar with their advantage and disadvantages.

Benefits of Using Your Debit Card

Even though debit cards have become widely used, many people are unfamiliar with their advantage and disadvantages. Debit Cards look like credit cards, but function like cash or a personal check.

Debit Card Can Function in Two Ways

  1. Like an ATM Card for immediate withdrawals of cash
  2. Like a Check when buying an item. The money used to pay for the transaction is deducted from your account within a day or two.

Credit Vs Debit

When you’re making a purchase with your debit card, have you ever wondered what the difference was between choosing debit or credit? Both options are safe to use and make transactions easier than using a checkbook, but what’s really happening with your account when you choose debit or credit at the checkout?

When you use debit:

  • You may have to enter your PIN to complete the transaction.
  • You can expect to see the transaction immediately on your bank account.
  • You may be able to withdraw cash from your account.

When you use credit:

  • You may only have to swipe or insert your card and sign to complete the transaction.
  • You may have to wait a few days for the transaction to go from pending to complete in your bank account.

One thing you may not know about selecting ‘credit’ is that you may be able to utilize more cardholder benefits, such as zero liability for fraudulent purchases! This can help ease your worry that your card isn’t being run twice for the same transaction or if your debit card is stolen!

Other Benefits

There are many other benefits to using your debit card, including:

  • Replacement Cards. People lose things, we get it! But we try to make it easy for you to get your new card, fast. This will show you how to contact us if you ever need to replace your debit card  (Link to https://www.charterbank.bank/personal/replacement-debit-card)
  • Extra Security - Our EMV or Chip Card brings increased security because it is a more sophisticated authentication than the magnetic-strip cards.
  • Travel - Use your Charter Bank Debit Card when travelling abroad. Simply give us a call or email us at support@charterbank.com to let us know your travel dates, then have fun!
  • You can "shut off" your debit card if you believe that it may be lost or stolen. To do this in online banking, click on the account associated with the debit card you want to shut off. On the right side, labelled Cards, expand the section and click on the toggle switch to turn it off/on. In your mobile app, after logging in simply scroll to the bottom to "Manage Cards". Click on the desired card and use the toggle to turn the card on/off.