Piggy Bank: Parts of a Debit Card
Last week we looked at the various parts of a check as one way to withdraw funds from your checking account. However, another option is a debit card. Just as you keep up with your check book registry, it would be advisable to record what you spend with a debit card as well. As we did in previous posts, let’s look at the different parts of the debit card, with the help of the folks at Hands on Banking again!
The Front of the Debit Card:
Debit card number:
This 16-digit number is unique to your card. It is different from your checking account number.
This is the date your debit card was issued.
Your card can only be used until this date. A new card will be automatically sent to your address prior to the expiration date.
Visa® or Mastercard® logo:
This symbol means that you can use this card wherever Visa® or Mastercard® debit cards are accepted, for example, department stores, restaurants, and online.
The Back of the Debit Card:
Customer service number
Call this toll-free number when you have questions about your account.
For your protection against fraud, be sure to sign here as soon as you receive your card.
Card Verification Value (CVV)
This number is unique to your card. When you use your card to make purchases over the phone or Internet, some merchants may require you to supply this number to confirm that you have the card with you.
The logos that appear on your card indicate where it can be used. You can:
- Access any ATM that carries the same logos as your card.
- Make PIN-based purchases at merchants that display the same Point-of-Sale network.
- Make signature-based purchases at merchants that accept Visa or MasterCard debit cards.
If you have additional questions, you should reach out to your local bank professionals, after all they are there to assist you! Taking this first big step in one’s financial future is exciting but with it comes responsibility of managing money so it would be a good idea to sit down with your young one at least once a month to review their check book/ balance so they understand where their money is being spent and as they save, commend them for doing so!