debit card

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A plastic card issued by a bank or building society to enable its customers with cheque accounts to pay for goods or services at certain retail outlets by using the telephone network to debit their cheque accounts directly. It is also known as a payment card. The retail outlets need to have the necessary computerized input device, into which the card is inserted; the customer may be required to tap in a personal identification number before entering the amount to be debited. Most debit cards also function as cheque cards and cash cards. In the USA these cards are sometimes called asset cards.

Subjects: Financial Institutions and Services.

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