Debit Card Law and Legal Definition
A Debit Card provides an alternative payment method to cash when making purchases. The funds are withdrawn either directly from the bank account, or from the remaining balance on the card. Certain Debit Cards are designed exclusively for use on the Internet, and so there is no physical card. It also known as a bankcard or checkcard. Debit cards may also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash and as a check guarantee card.