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What is a Debit Card: 3 Things You Need to Know

July 1, 2024

What is a debit card?

A debit card is a safe and convenient way to pay for purchases (both online as well as when you visit stores, restaurants, and other local merchants) and gives you the option to withdraw money at ATMs.

Your debit card is linked to a checking or money market account. You must have the funds in your account available to make your purchase online, in person or at an ATM, and it will be approved. When you make a payment or withdrawal using a debit card the funds will be drawn from your checking account, either instantly or within the next business day or two. That means that you need to make sure you have enough money in your account to pay for anything you purchase or you may overdraw your account.

How does a debit card work?

A debit card can be used just like a credit card when shopping if you have the funds in the checking account to cover the purchase. You can also use your debit card to access an ATM. Kearny Bank offers contactless CHIP cards with limits of $800 for ATM PIN based transactions and $1,500 for point of sale (POS) transactions.

A great tip to help speed you on the way through transactions is to select the “credit” payment option when you are given the choice. While certain merchants may still require a PIN at the time of the transaction, most of the time this is a great way to speed you along without having to do so. Simply tap for the purchase, insert your card into the machine, or swipe your card, and then sign (if required) and move right along. You’ll still get all the same great benefits (including having your funds drawn straight from your account – no actual credit or loan takes place).

At an ATM you will be asked to use your PIN number, then choose the denomination you wish to withdraw.

Can you use your debit card abroad or in other states?

You can use Kearny Bank debit cards internationally and throughout the US. However, you have to inform Kearny Bank in advance that you are traveling.

You can also add a travel notification to your card through our digital banking system.

When you use the card internationally you will be charged approximately 3% for a currency conversion fee. Kearny Bank does not charge any additional fees for international use.

Can I overdraw my account with a debit card?

There are NO interest charges associated with a Debit Card. However it is possible to overdraw your account using a debit card, and you could face overdraft fees. To avoid this, make sure to keep track of your account balance and ensure you are not trying to spend more in a transaction than you have available in your account.

Protecting you from fraud:

At Kearny Bank we monitor your accounts for suspicious activity. You can use your debit card during your day-to-day transactions knowing that we are watching out for you. If we feel a transaction is not normal for your Debit Card transaction, we will contact you via text or live phone call. Remember, though, that we will never ask you to provide your Online Banking username, password, or a one-time passcode! If anyone ever asks you for this, hang up and do not provide it.

By Mary Webb | SVP/ Director of Retail & Deposit Operations

About Mary:

Mary Webb, SVP / Director of Retail & Deposit Operations

Mary Webb is SVP/Director of Retail & Deposit Operations at Kearny Bank, where she oversees all Retail Branch and back-office Deposit Operations for the bank. She has been working in the banking industry for over 30 years starting in the accounting department for Roselle Savings. She has worked as the Controller before switching over to bank operations. Mary holds a BS degree in Accounting from Kean University. She is also a graduate of the ABA Stonier Graduate School of Banking as well as the Wharton Leadership Program from the University of Pennsylvania.

Contact Mary to learn more.

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