Difference Between Debit & ATM Card | SBI PO Prelims & Mains Preparation - Bank Exams PDF Download

Introduction

• Now, it is very difficult to carry plastic money and it involves many risks also and it is necessary to use the latest information communication and technology.
• Banks are providing better products and services like internet banking, mobile banking, ATM card, debit and credit card.
• Debit card and ATM card are used to withdraw money by using a PIN

Debit Card

• A debit card is also known as "check card".
• Debit card facilitates the card owner to make transactions electronically and transfer the fund from the account while making a purchase.
• A debit card is a plastic card which is issued by the bank to pay for the purchase of goods and services at any time.
• The facility is used by those who have a bank account.
• A debit card is used to make online payment through electronic fund transfer at point of sale.
• A debit card is also used to check account balance, transfer funds to the account to another account.
• A debit card is linked to the cell phone so that the client will get a notification on time.

ATM Card

• ATM card is a payment card which is issued by the bank that provides service to the client to access it and withdraw money when needed.
• ATM card is a plastic card issued by the bank includes essential information about the bank account of the account holder.
• ATM card is generally used to withdraw money anytime along with it one can also deposit money into their bank accounts using ATM cards
• ATM card facilitates the general purposes of withdrawals, balance inquiry by statement facility and by depositing money through it.
• It is secure because when the transaction happens in an account, banks will send an alert message. So, one can crosscheck the transaction.

Similarities of Debit Card & ATM Card

• ATM card and debit card are made of plastic and both have the same appearance.
• Both are issued by the bank and provide the facility like balance inquiry, withdrawal of money or make payment online and much more.
• Banks charge fees for providing this kind of facility and it varies from bank to bank.

Difference Between Debit & ATM Card