Debit cards have been around long enough to make people aware of their convenience. They are used instead of cash and the money paid is taken directly from the bank account of the card holder. Even some cards can be linked to an account which is exclusively allotted to be used online.
The number of transactions via debit cards has exceeded greatly the number of cash transactions, and they have replaced cheques almost completely. The development of the individual debit card brands is specific for each country. Until the year 2000, the debit card systems used to differ a lot, but fortunately since that year these systems have become increasingly more uniform, so debit cards issued in one country can be used in other countries as well, and also on the Internet.
You can use a debit card to withdraw cash directly at an ATM, and also to pay at a number of brick and mortar shops.
Prepaid debit cards
These cards are also referred to as reloadable. They have also been gaining increasing popularity. With them people who do not have bank accounts to carry out their transactions via them can get debit cards loaded with amounts which are deposited in advance. In the UK for example, in January 2016, the government introduced a measure facilitating the use of prepaid cards, because it announced that basic bank accounts are going to be free from fees. Prepaid cards like Visa and MasterCard offer the convenience of providing funds at any time, so their holders do not need to carry cash on them. Some companies offering prepaid cards also offer other perks, such as transfers from card to card, and the possibility for customers to apply for them without providing their social security numbers. In the US, prepaid debit cards are used for benefit payments to people who do not hold bank accounts.
The trend for the future is the replacement of payment by cheques with prepaid cards.
Debit card overdraft
When the bank provides a certain amount available you can withdraw even when your deposited amount reaches zero, within certain limits, that additional amount is called overdraft. There is an agreed rate for using the overdraft amount. When the card holder uses part of the overdraft, or the whole overdraft, the charging will be at that rate. But if the negative balance goes beyond the agreed amount, then you may be charged additionally.
Online betting at bookmaking sites via debit card
You will see that all online bookmakers accept payments via debit cards. You can find the names of the most ubiquitous brands, Visa Debit, Visa Electron, Maestro, especially with UK based bookmakers. Using your debit card online has a number of advantages, comprising the convenience of making a deposit immediately. Furthermore, the security provided for such payments will make you rest assured your funds are protected from risks. One more perk is that online bookmakers very rarely charge fees for depositing. If you make a deposit using the same currency as the one you use to store funds in your account, you should not be charged by your bank either.
You will make a deposit easily, after the transaction is verified. You must first enter your name and surname in the form printed on the card. Then you must also provide the billing address, the card number, and the date of expiry. The final and most important detail, which will serve to verify that the card is a valid one, is the CVV number, a 3 digit number on the back of the card. When you carry out an electronic transaction, such as depositing on online bookmaking sites, you will always be asked to enter the CVV number.
After entering the whole information, you can now choose the amount to deposit. The verification will take moments, and then the transferring of funds will be accomplished.
The security of payments via debit card
You should not worry about the security when paying via debit card, though it is linked to your bank account. Stringent security measures are applied to ensure that no fraud will be committed. Firstly, processing companies for debit cards, like Visa, maintain their verification procedures to ensure the security of payments with these cards. There is the Verified by Visa program, with which you can get a password with which you can verify your identity as an additional precaution. In fact that is the electronic analogue of the PIN number.
The additional security provided for debit card transactions is, in fact, one of the reasons for the lack of cash fees when you use it. On the other hand, if your bank account is hacked using your debit card, not all the banks will guarantee your funds, unlike the ensurance of a certain amount of funds with credit cards. That is why, to help maintain your security, you must not disclose your card details to other persons.
Online bookmakers also maintain high security of transactions, with all payment methods, and with debit card payments in particular. The encryption used by them, called SSL encryption, ensures the sending of your data via a secure connection, and no third parties have access to that data.
No fees on debit card transactions when depositing on online bookmaking sites
There will be no fees on your transactions when you deposit via debit card. That is why this method of payment predominates with punters based in the UK. Debit cards are convenient for withdrawing as well, when fees are concerned, because there is no fee on withdrawing either. The only requirement for the amount withdrawn via debit card is that it must be smaller than the amount deposited via that card, and some online bookmakers do not have even that requirement.
In some countries banks will charge small fees for debit card transactions, unlike in the UK, where all merchants bear the whole costs of the transactions.
Terms within which withdrawals via debit card reach your bank account
While depositing via debit cards takes moments to minutes, when you withdraw via debit card you will need to wait for a period typical for interbank transactions to be implemented, that is 3 to 5