| An ATM (automatic teller machine) card is a form of debit card but you use it in a cash machine by punching in your code number. Clear as mud? Try this: a "debit card" looks very much like a credit card and is treated like a credit card by most merchants but the charge is immediately deducted from your checking account. An ATM card looks nothing like a credit card, has no Visa or MC logos on it, and is only good for making cash withdrawals from your checking account at cash machines. Better? The ATM card is a little less dangerous if you lose it, since nobody can use it to drain your account without your PIN (personal identification number). Also, most banks limit the amount of cash that can be withdrawn with an ATM card in a day. (A Visa or MasterCard debit card allows a thief clean out your entire account with one purchase.) |
