What Is a Debit Card?
A debit card pays with money that is already in your bank account; behind the tap sits a bank record, not paper.
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1.What does a debit card pay with?
A debit card pays with money that is already in your bank account; behind the tap sits a bank record, not paper.
2.What does the authorization step do?
Authorization asks, settlement moves; between the steps the amount may show as pending.
3.Marge starts with 200 and pays 45, 60 and 25. What is her balance?
45 plus 60 plus 25 is 130 and 200 minus 130 is 70.
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Sources (6)
- CFPB: How are prepaid cards, debit cards, and credit cards different?
- FTC Consumer Advice: Comparing credit, charge, secured credit, debit, or prepaid cards
- Regulation E, 12 CFR 1005.6 (Liability of consumer for unauthorized transfers), Textkopie bei Cornell LII
- Regulation E, 12 CFR 1005.17 (Requirements for overdraft services), Textkopie bei Cornell LII
- 15 U.S.C. 1643 (Liability of holder of credit card), Textkopie bei Cornell LII
- Eigene Rechnung / Modellannahme (synthetisches Konto)
Education only. Not financial advice.