A brief introduction to the ATM debit card:
ATM(Automated Teller Machine) debit card is a multifaceted, powerpacked globally accepted plastic debit card which enables one to access ones account from anywhere. The ATM debit card may have either the Visa or the Mastercard logo embossed on it.
The ATM debit card is linked to an account from where the fees or charges are deducted as the transaction demands. The ATM debit card has the name of the debit card holder embossed on the debit card.
Withdrawal limit and Cost:
The maximum amount which one may withdraw per day is not more than $500. The cost of an ATM debit card is usually $150. The money is denominated in US Dollar.
Working of the ATM debit card:
Whenever a transaction is processed on entering the PIN (personal identification number) the ATM debit card number is sent to the bank issuing the ATM debit card where it is verified for the authenticity of the transaction as well as for the availability of funds.
The bank checks for the availability of funds. If there is sufficient fund the bank replies the same and the ATM debit card holder is able to carryout the transaction. In the event of non availability of fund the message of “Insufficient Fund” is displayed on the screen.
Maintaining the confidentiality:
Only the bank is aware of the details of the transaction which it is not permitted to divulge. So, inspite of the name being embossed the confidentiality of the ATM debit card bearer is maintained because the ATM debit card number is taken into account and not the name of the ATM debit card holder.
Usefulness:
The ATM debit card is useful in the following ways:
- Withdrawal: One can withdraw money from anywhere, from any Visa or Mastercard terminal with the help of ones ATM debit card.
- ATM debit card allows an individual to deposit money from any Visa or Mastercard terminal available.
- With the help of the ATM debit card one can transfer cash from one place to another in no time.
- Information on the available balance can be viewed by accessing any Visa or Mastercard terminals with the ATM debit card.
- The details of all the transactions taking place using the ATM debit card is made available to the ATM debit card holder by means of the statement generated by the issuing bank of the ATM debit card holder.
- Time taken for any transaction is much less because entering a PIN( personal identification number) is always faster than writing a cheque.