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Bank Debit cards, also referred to as check cards, are debit cards that do not necessitate the use of a PIN to access money from the bank accounts. Bank Debit cards are more like the ATM (Automated Teller Machines) cards but cannot be used as ATM cards as they have no PIN numbers. In fact Bank Debit cards and ATM cards are both known as ‘Debit cards’ and they look more or less like credit cards.
Like a Credit Card, one needs to sign a transaction slip when using a Bank Debit Card. Bank Debit cards or Check Cards are accepted worldwide like the VISA and the MasterCard credit cards. In the present days the Bank Debit Cards (check cards) have gained much popularity. According to a survey conducted by Federal Reserve, it has been observed that since 2003 Bank Debit cards have been used for making more purchases than the credit cards!
The Banks first started issuing Automated Teller Machine Cards in the 1970s and at that time, debit cards were not much known. In those days only cash could be withdrawn from the ATMs within the bank premises. Later facilities like transfer of money between accounts, checking of bank balances and depositing money from time to time were included.
Then with the advent of foreign banking institutions like the MasterCard and Visa, debit cards were issued by other banks which collaborated with these organizations. Since then Pin-less transactions of debit cards started taking place and Bank Debit cards were globally accepted.
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