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Home > LawServer Pro > Financial Services > Debit Cards |
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Debit Cards
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Last Updated August 5, 2008 |
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Debit card "holds", otherwise known as a "blocking" lead to overdrafts and bounced checks for many unsuspecting bank customers. Debit card holds are a common practice among merchants. Although debit cards are in many ways treated in a similar manner to credit cards, merchants are aware that the cards are tied to bank accounts rather than a line of credit. Many merchants are concerned that consumers may not have enough money in their bank accounts to pay for the transaction by the time it is processed. Consequently, they use card holds to ensure that the money for the transaction is reserved until the purchase is processed. |
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Last Updated August 5, 2008 |
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Debit cards are increasingly being used as an alternative to credit cards. Carrying a Visa or MasterCard logo, these cards are accepted in the same places that accept credit cards. However, many consumers are unaware that debit cards do not carry the same protections as credit cards. Provided here is a brief guide to the unique issues involved with debit cards. |
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