What is a debit card?
A) The same thing as a demand deposit
B) Money that moves along multiple channels of consumers and businesses via digital electronic transmissions
C) A type of plastic money that immediately reduces the balance in the user's bank account when it is used
D) An electronic purse that can be programmed with electronic money at ATM machines
E) The same thing as a time deposit

Question

Quizplus · Accepted Answer

A debit card is a type of plastic money that allows users to access funds in their bank account. When a user makes a purchase with a debit card, the transaction is immediately deducted from their account balance, hence "debit" card.

Note: A demand deposit (option A) is a type of bank account that allows unlimited deposits and withdrawals without penalty, but it is not the same as a debit card. Option B refers to digital payments, which can include both debit card and other electronic payment methods. Options D and E describe alternative electronic payment methods, but not specifically debit cards.

What Is a Debit Card