When you make a purchase with a ___, funds are electronically subtracted from your bank account at the moment the purchase is made.
A) credit card
B) check
C) debit card
D) short-term loan
E) NOW checking account

Question

Quizplus · Accepted Answer

Only a debit card deducts funds electronically from your bank account at the moment of purchase. Credit cards are a form of borrowing and do not access funds directly from your bank account. Checks are a paper-based form of payment and must be manually processed, which can take days or weeks to clear. Short-term loans are a form of borrowing that require repayment with interest over time. NOW checking accounts are a type of interest-bearing checking account, but they do not provide the immediate electronic deduction of funds like a debit card.

When You Make a Purchase with a ___, Funds Are