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Originally Posted by mahon73
Debit cards are similar to checks. When you make a purchase with a debit card the purchase is pending. When the bank confirms you have the available funds the charge is applied to your balance. If you do not have the available funds, the bank charges you a fee. Just like bouncing a check.
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Really? If that's the case, then debit cards work differently in the US than they do here in Canada. Here, debit cards access a system called "Interac" which immediately accesses your account and debits the funds (hence, "debit" card). If you have insufficient funds, the transaction is declined - you can never "bounce" a debit transaction (although if you have standard overdraft protection, you can overdraw). Debit purchases in Canada are never pending - within seconds of a debit card transaction, it is available for download from your financial institution.
I've also seen US commercials for "Visa Cheque Cards" - do they differ from debit cards?
Jackie