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Debit cards and checking accounts go together like peanut butter and jelly. But just like the condiments, they’re not the same thing. One is a tool for accessing your money, while the other is a type of deposit account for everyday spending.
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A debit card is not a checking account, but the two are closely connected.
Is a Debit Card a Checking Account?
A debit card is not a checking account but a card issued by a bank or credit union that is attached to a deposit account. You can use debit cards to pay for purchases and services in person or online, make ATM withdrawals or transfer money.
Checking accounts are deposit accounts intended for everyday use. You can open one at almost any bank or credit union. Debit cards can be linked to checking accounts, money market accounts or sometimes savings accounts.
Debit Card vs. Checking Account
On its own, a debit card is a tool for accessing money. When you use a debit card, you’re drawing directly from your own funds and can generally only spend or withdraw what’s available to you in the linked account, which may be a checking account.
A checking account is a transaction account that account holders can deposit money into and transfer from freely. Checking accounts can be used for a variety of activities, including:
- Debit card transactions
- Automated Clearing House (ACH) payments
- Bank or ATM cash withdrawals
- Bill payments
- Check transfers
- Wire transfers
- Peer-to-peer transfers
As you can see, checking accounts can do much more than debit cards. But without debit cards, spending options would be much more limited for most checking accounts.
Some checking accounts offer additional, money-boosting benefits such as the potential to earn interest on your balance or cash back on your debit spending.
Do You Get a Debit Card With a Checking Account?
Most checking accounts include a debit card. Usually, debit cards are physical cards that come in the mail a few days after opening a checking account. Some banks also offer digital debit cards you can start using immediately.
You don’t usually need to pay for a debit card. However, you may incur a charge for using a debit card to withdraw money from an ATM that isn’t affiliated with your bank, overdraw your account or initiate certain transfers.
When you receive a debit card for a checking account or other bank account, you will often be asked to set a personal identification number (PIN). You will enter this for PIN-based transactions. Alternatively, you may be able to provide a signature to authorize purchases instead of your PIN. This is known as a signature-based debit transaction.
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Frequently Asked Questions (FAQs)
Is a prepaid debit card a checking account?
Prepaid debit cards are a special type of debit card that can be preloaded with money. Rather than being attached to a checking account for instant withdrawals, these cards must be continuously loaded with cash. Prepaid debit cards can be loaded via direct deposit of a paycheck, cash deposit or checking account transfer. You can only spend money loaded onto a prepaid debit card and do not typically have the option to overdraw your account.
Can a debit card be used as a credit card?
No, a debit card can not be used as a credit card. Debit cards give you instant access to money you already have, while credit cards allow you to temporarily borrow money using credit up to an approved limit. You then pay off your credit card balance. Although swiping a debit card or credit card may look the same, the money comes from different sources.
Signature-based debit card transactions, which usually require you to select “credit” at checkout, are simply authorized with your signature instead of your PIN. This does not mean your debit card is being used as a credit card to borrow money.
Debit cards vs. checks
Similar to checks, debit cards give you a way to access the money you have in a bank account. But unlike checks, debit card transactions happen right away when you swipe your card or enter your information. Checks authorize financial institutions to pull a specified amount of money from your account and send it securely to the payee, or the person or entity receiving the funds. Checks generally clear within a business day or two of being deposited, depending on the type of check.
How do debit cards work?
Debit card transactions are instantaneous. As you swipe or tap your card at a card terminal or punch in your card number online, merchants electronically contact the account attached to a debit card to confirm that there are funds available. If a linked account doesn’t have enough money to cover a transaction, the transaction may be declined or may cause your account to become overdrawn. If a transaction that would result in a negative balance is approved, you’ll often pay overdraft fees.
