A debit card is also known as a check card because it allows the cardholder to withdraw money from their checking account electronically. The other options are not true - a debit card is not legally like a credit card, and if a debit card is stolen, the liability for unauthorized transactions is limited if the theft is reported to the bank within a certain timeframe (usually 2 business days).

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A Debit Card

Question 22

Multiple Choice

A debit card:

A) is legally like a credit card.
B) is also known as a check card.
C) if stolen subjects the owner to the same liability as a stolen credit card.
D) if stolen subjects to owner to responsibility for all losses if the theft is not reported to the bank within two days of discovering the theft.

Correct Answer: