Which statement best describes making payments with a debit card?
A) payments are directly deducted from your account.
B) payments are deducted from a ATM.
C) payments are made every month.
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It's not C or B. Deducting from an ATM is a direct withdrawel, and payments being dued at the end of the month is called a credit. And, I know this might be going against my morals, but I'm going to go ahead and tell you it's A since this question is so black and white. Debit is what you're looking for. But what exactly is debit?
"A debit card (also known as a bank card or check card) is a plastic payment card that provides the cardholder electronic access to their bank account(s) at a financial institution. Some cards may bear a stored value with which a payment is made, while most relay a message to the cardholder's bank to withdraw funds from a payer's designated bank account."
Taken from wikipedia.
Think of it this way:
Credit = Pay it later.
Debit = Pay it now
ATM = withdrawing money
A debit card can be used at an ATM to make cash withdrawals or to deposit checks
When used to make a payment, the amount of the payment is immediately deducted from your account.
@lauren.ascough >>B) payments are deducted from a ATM. Incorrect.
An ATM is an automated teller machine. It does not make payments. It will dispense cash to the holder of the debit card.
>>C) payments are made every month. Incorrect. A credit card fits this description.
So its C
No. Debit is when a payment is deducted directly from your account balance.
If I wanted to buy candy for 1 dollar, but only have .50 cents in my account, then I cannot buy the candy with debit because it withdrawels directly from my account.
However, I can buy the candy with credit and pay back the .50 cents at the end of the month.