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Debit Card Information

What is a debit card, and how is it different from a credit card?

A debit card is a payment product that automatically deducts purchase amounts from cardholders' checking accounts, just like withdrawing cash or writing a check. Unlike a credit card, the debit card does not accrue interest charges because the money is deducted from cardholders' checking account. The basic difference is that a debit card accesses the cardholder's checking account and a credit card uses the bank's money.

Debit card purchases can be completed in two ways, either by signing a receipt (Credit), or by entering a PIN (Debit). It's the cardholder's choice.

Cardholders may use their debit card by signing for their purchases. They can select credit on the terminal at the checkout or tell the cashier that they want a credit transaction. But they shouldn't worry -the purchase amount is deducted from their deposit (checking) account.

Debit cards may be used with a personal identification number (PIN) to request "cash back" when making a purchase at certain stores. An estimated 25 percent of merchant locations that accept the MasterCard debit card also allow cardholders to make a PIN-based transaction.

What are the advantages of paying with the Farmers State Bank debit card?

Quicker checkout: swipe, sign, and go. You don't have to worry about having sufficient cash in hand or writing a check.

If you have trouble qualifying for credit, try using your check card as a "buy now, pay now" payment method. Debit cards are included automatically with most checking accounts, and can be used like a credit card for your purchases -except the funds are deducted directly from your checking account and not borrowed.

When traveling, consider using your debit card for purchases. It can be used at millions of merchant locations worldwide where MasterCard debit cards are accepted.

Use your debit card as a budgeting tool to help you track your expenses and manage your money better.

You can even pay your monthly bills or set up recurring payments with your debit card for regular bills such as cable, phone, or loans - without having to worry about remembering to pay on time or buy stamps.

Wallet too bulky? Tired of frequent trips to the ATM? Hate carrying around a checkbook? Carry your debit card instead.

Important debit card facts:

The amount of your purchase is deducted from your checking account automatically - so be certain you have adequate funds at the time of purchase.

Car rental companies may require you to present a credit card in order to reserve a car but you may pay for the rental at its conclusion with your debit card.

To meet consumer demand for payment conveniences such as express/video checkout at hotels, restaurant purchases, pay at the pump where the final amount isn't known - debit card issuers may earmark cardholder funds to cover the estimated cost of the transaction. This process, known as a "hold", safeguards both cardholders and merchants, ensuring cardholders don't spend more money than they have and merchants are paid for the transaction. While most transactions have a less than 24-hour hold, MasterCard protects cardholders by requiring issuers or financial institutions to remove all holds within 72 hours.

For your protection, the Farmers State Bank debit card comes with the following daily limits:

These spending limits are meant to protect you in case your card is stolen. Your card may be declined if you make daily purchases that exceed your daily withdrawal limit, even if you know you have plenty of funds within your checking account. You can always ask the bank to lower or raise your purchase or withdrawal limits to suit your spending habits.

Lost or Stolen Cards

To report a lost or stolen MasterCard Debit Card please call Shazam immediately at 1-800-383-8000, if possible please have your card number available.