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Have you finally upgraded from a piggy bank and deposited your funds into a bank account? Perhaps you’re getting and making frequent deposits from your boss. You might be wondering how to withdraw money from the bank with a debit card. As a result, we’ve included some pointers on how to do so below.
Furthermore, a debit card allows you to withdraw funds immediately from your checking account to make a payment or convert to cash. Getting a debit card is as simple as asking for one once you have a checking account. You’ll also need a checking account and a PIN to use a debit card.
Because a debit card has a link to your bank account, it automatically deducts the funds you utilize, and you don’t accumulate amounts that accrue interest as you would with a credit card.
How to Withdraw Money from Bank with Debit Card
You can withdraw money from your bank using a debit card by following these steps:
Open a bank account
A bank or credit union can readily open a checking account for you. However, some may have a minimum open balance requirement. This refers to the amount of money you’ll need to keep the account open without having to pay bank fees. So prepare to deposit funds into the account right now.
Some accounts may have activity requirements, which specify how frequently you must make deposits or use the account to avoid paying fees. You’ll also want to find a bank or credit union that has a large network of ATMs in your neighborhood that you can use to withdraw cash without incurring fees.
To open an account, you’ll need to fill out papers and fill out some applications. Several forms of legitimate identification are typically required, including a combination of a driver’s license, passport, and Social Security card. In addition, people under 18 may require a parent or guardian to co-sign the account.
Request your debit card.
Tell your bank agent that you want to link a debit card to your account when you open your account. The card can take up to a week to arrive in the mail. You may get a temporary card to use while the official one is generated in some instances.
Get your debit card activated
After receiving it, you must activate your debit card, which you can do by visiting a website or phoning the bank’s specific phone number. Your card will come with instructions on how to activate it when you receive it in the mail. However, before you can use it, you must first activate it.
If you’re activating your debit card online, make sure you’re using a secure connection. For example, don’t use a public Wi-Fi connection to activate your debit card in a coffee shop.
Make a PIN (Personal Identification Number)
A PIN is a simple password that you use to verify debit card transactions. Even though your debit card comes with a pre-programmed PIN, you can choose your own and alter it throughout the activation procedure.
Of course, your PIN must be kept private; it gives you access to vital services, including cash withdrawals, changing personal information, and more. A PIN, unlike other passwords, is entirely numeric, with no letters or special characters.
Because PINs protect critical information (and your money), you should choose a PIN that is difficult to guess if your debit card is lost.
- 1234 or 0000, as they are simple numerical sequences (including repetition: 1122 or 2233)
- Dates such as your birth year or the birthday of your spouse
- Any element of your Social Security Number.
- Any portion of your phone number or address
Decide where you’ll use your debit card.
You may normally use a debit card at any ATM or your bank. However, you’ll almost always have to pay a fee to use one that isn’t connected to the bank or credit union that issued your debit card.
Traditional banks have more of a problem with this. Debit card fees are frequently reimbursed up to a specific amount by some new online banks. If your bank does this, it will notify you right away. It would be best to find an ATM that does not charge a fee (which is why you considered this in Step 1). Even if it’s only $1 or $2 at a time, it adds up.
Furthermore, why should you pay to get access to your funds? If a fee is charged, double-check your bills history of making sure it got charged accurately. Also, keep in mind that this cost is withdrawn from your account balance and that you cannot avoid paying it.
Make use of an ATM
If you’re a debit card connected to your account, you may pull funds from your local bank. Present your card to the bank teller, who will guide you thru the money transfer procedure. You may also utilize ATMs set up by the institution. This feature may be used by following the steps below:
- Insert your debit card into the machine.
- Type in your Password (personal identification number)
- Select the institution from which you want to withdraw cash (if you have more than one)
- Once you’ve entered the amount, sit tight for the ATM to give you your currency and a confirmation.
It’s worth mentioning that several ATMs only permit you to take funds in $20 denominations, and there may be a daily restriction on how much currency you may take from each ATM.
Additionally, many institutions enable you to make a withdrawal from their ATMs freely, but if you approach an ATM that is not a member of your bank’s system, you may indeed be charged extra. To prevent the loss of your debit card or falling victim to account theft, pick it up prior to actually taking a walk-off.
If your debit card gets lost or stolen, act fast.
Because your debit card accesses your bank account directly, it’s critical to respond quickly if your card is lost or stolen. In addition, the faster you can get your bank or credit union to cancel your card, the less likely it is that someone will use it to make purchases or withdraw cash.
Pick up the phone and alert your financial institution that your debit card has been stolen or lost for speedier action. Your previous card will be canceled and replaced by your financial institution. This process usually takes 10-14 business days. It would be best to keep a tight eye on your bank account to ensure that no one uses your card illegally.
Frequently Asked Questions
What is a debit card?
Debit cards are tools you use to make purchases. You will get a debit card when you open a checking account with your bank or credit union. A debit card is sometimes free to use. However, you may have to pay a fee to use the card also. You can use debit cards to withdraw funds from your checking account too.
How can I use a debit card to withdraw money from my bank?
You may simply withdraw money from your bank using a debit card by following these steps:
- Insert ATM Card
- Choose a Language
- Enter the 4-Digit ATM Pin.
- Decide on the transaction type.
- Choose the type of account you want to use.
- Enter the amount you want to withdraw.
- Get the Money
- If necessary, obtain a printed receipt.
Why would I use a debit card?
Debit cards allow you to make purchases without having to carry cash. You can pay for things with your debit card in most stores.
You swipe the card and use a keypad to input your PIN. Debit cards also allow you to withdraw funds from your checking account right away. You can withdraw money from your checking account using your debit cards at an automated teller machine.
What is a PIN?
A PIN is a security code that only you know. The term “personal identification number” refers to a number you can use to identify a person. When you receive a debit card from a bank or credit union, you’ll get a PIN.
You can change your PIN to a number that you will remember. You must enter your PIN on a keypad while using your debit card. This is one way the bank tries to prevent dishonest people from obtaining funds via your debit card. Never give out your PIN to anyone too.
How can I use my debit card to make a cash withdrawal without entering my PIN?
You can’t withdraw funds from an ATM without entering a pin code. However, going to any cardless-enabled or pay code-enabled ATM is the sole way to withdraw money without using your card pin code or even your real card.
In conclusion, debit cards come with diverse merits. And if you desire to learn How to withdraw money from the bank with a debit card, the highlight above will aid you immensely.
Hello! I’m Annan Bhadra, a financial specialist and passionate writer. I have always been captivated by finance and its potential to empower individuals and communities. My academic journey began with an O level from the British Council, where I studied Accounting and Commerce. I then pursued my A level, focusing on International Business, also at the British Council. My passion for understanding the global economy led me to East West University, where I earned a degree in Economics. These educational experiences gave me a strong foundation in the financial world and fueled my desire to help others navigate their financial lives.