Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Debit card
A debit card is a payment system that draws funds directly against your savings or bank account. Physically it looks much like a credit card, but works more like a cheque account because of the direct debit function. Some accounts don't issue an actual debit card, but are made exclusively for internet and phone banking. Most debit cards also allow ATM and EFTPOS access, and in some cases may be linked to a cheque account. If you have a mortgage loan, you may also be offered an offset account that draws payments directly from the card.
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