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DEBIT CARDS?
m/13, hi im thinking of asking my parents for a debit card... how exactly do they work, and could i have one at my age? how do i deposit money, withdraw and check my balance etc? can i order stuff on the internet? can i get a visa or mastercard debit card and buy stuff on a website that accepts visa/mastercard credit cards? if i get a debit card do i have to have a bank account? is there any annual fee? how much do they cost? sorry for all the questions lol....
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there are two main different kinds of bank accounts: savings accounts and checking accounts. most people put part of the money from their paycheck into their savings accounts, and the rest in the checking account. the savings accumulates and basically sits there until you retire or whatever. the checking account is what is connected to the debit card. you can't get a debit card for your savings account; you have to have a checking account for that. when you write checks or use your debit card, it comes directly out of your checking account. as far as the atm goes, you don't necessarily deposit money into it. you put money into your checking account, and then when you're somewhere around an atm or whatever, you can stick your debit card in, put in your personal identification number (pin), and then select how much money you want to take out. and it takes it directly out of your checking account. you or your parents can deposit into the account. anyone can have a debit card, but i think that it would be hooked up to your parents checking account. i had to get one last year (i was 14) and it was in my name but took money out of my parents account. they could open a checking account for you though and like put an allowance in it or whatever. you can check your balance online. i traveled to australia last year with a debit card and my parents monitored my spending online. all the purchases i made showed up on their account thing online. yes, you can order stuff on the internet. i think the best kind of debit card to get is visa because a lot of places accept it. yes, you have to have a bank account (checking), i'm not sure if there is an annual fee (i don't think there is, though if you really screw up and spend more than is in your account, there is an overdraft charge, but that's only if you're a moron, haha). okay, i think that i answered most of your questions. haha.
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because of your age your parents will have to open a checking account in their name and put your name on it too...the money comes out of a checking account and you can withdraw at an atm or deposit at your bank...you can also check your balance online or at an atm...you can buy stuff off of the internet just like a credit card but you can only use the money thats on the card...the spending limit is just how much money you have got at the time in your account. you can't go over
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A debit card runs off of a checking account. You deposit money into the checking account and use the card rather than checks.
You can withdraw money and check your balance at an ATM.
Yes, you can order from the internet. I do that all the time. It is just like using a credit card to purchase the item, except you aren't accumulating debt in the process.
Our debit card is Mastercard.
ygs-29/f
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they work by you putting money on it and then spending only the amount you have. for example if you have $500 on it, you can't spend $501, thats what a credit card is
yes, i got mine when i was 13
you deposit money because you have to have a bank account so you just go there. withdraw, go there or to an atm, check balance = most have it available for websites
yes you can order stuff online
i have a visa debit
yea you need a bank account
no annual fee
it was free
of course, this could vary with what kind you get but most are similar
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