Definition of debit card

debit card

A card which enables you to directly access your bank account when paying for purchases. So instead of paying in cash or with a credit card, a debit card allows the specified amount of the purchase to be electronically debited, or withdrawn, from your bank account. See Interac Direct Payment for an explanation of the actual procedures that you follow at the point of sale (POS) terminal to use your debit card.

Interac® Direct Payment

Instead of paying with cash or a credit card, Interac Direct Payment allows you to pay for your purchase with a debit card, such as your bank card. The amount of the purchase is electronically debited, or withdrawn, from your bank account (see debit card).
Here's how to pay for items using Interac Direct Payment and your bank account:
1. Swipe your bank card (or debit card) through the point of sale (POS) terminal at the store's check-out
2. Enter your personal identification number (PIN), confirm the amount to be paid and indicate the account (chequing) from which the money is to be drawn.
3. The specified amount is then electronically debited from your account.

point of sale (POS)

The terminal at which a customer uses his/her debit card to make a direct payment transaction. See also Interac Direct Payment.

CARDs

Certificates of Amortized Revolving Debt. Pass-through securities backed by credit card receivables.

Preauthorized electronic debits (PADs)

debits to its bank account in advance by the payer. The payer's
bank sends payment to the payee's bank through the _ACH)Automated Clearing House (ACH) system.

Wild card option

The right of the seller of a Treasury Bond futures contract to give notice of intent to deliver
at or before 8:00 p.m. Chicago time after the closing of the exchange (3:15 p.m. Chicago time) when the
futures settlement price has been fixed. Related: Timing option.

Balanced Scorecard

A system of non-financial performance measurement that links innovation, customer and process measures to financial performance.

Debit

One side of a journal entry, usually depicted as the left side.

balanced scorecard (BSC)

an approach to performance
measurement that weighs performance measures from four
perspectives: financial performance, an internal business
perspective, a customer perspective, and an innovation and
learning perspective

procurement card

a card given to selected employees as a
means of securing greater control over spending and eliminating
the paper-based purchase authorization process

standard cost card

a document that summarizes the direct
material, direct labor, and overhead standard quantities and
prices needed to complete one unit of product

Clear Card

A credit card from which payments are deducted over subsequent time periods.

Green Card

The I-551 Permanent Resident card, held by a resident alien.

Paycard

A credit card into which a company directly deposits an employee's net pay.

Signature Card

A bank document containing the signatures of all approved signatories
that a company has approved to sign checks.

Timecard

A document or electronic record on which an employee records his or
her hours worked during a payroll period.

credit card

A revolving source of credit with a pre-established limit. You have to pay interest on a credit card if you have an outstanding balance.

debit

Funds which have been deducted from your account. The opposite of a debit is a credit.

debit memo

A record of the funds which have been debited from your account.

credit

On your bank statement, 'credit' represents funds that you have deposited into your account. The opposite of a credit is a debit.
However, ‘credit’ also means money that you borrow from a financial lender, like a bank. A credit card, for example, is a card that allows you to access funds which you then have to repay.

Interac system

Canada's bank machine and electronic debit system. If you use your bank card at a bank machine which displays the Interac symbol (and that bank machine is not your bank's machine), you will be charged a fee.

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