Money withdrawal from savings account?

Question

Many savings accounts let you withdraw money at any cashpoint. Does that mean that money balance in the savings account is displayed on the debit/credit card's balance? And do money I put in the savings account just go into a debit/credit card?

Answer 1

Debit and Credit cards are two different things!

Debit cards take the money straight from the account, and this will be reflected in your statement (your account is debited the amount).

Credit cards you pay for something with it and get a separate bill/statement monthly for which you have to pay off (you are purchasing something on credit terms)

Answer 2

I am going to take it that this is your first bank account with a debit/credit card, right? If you withdraw from your savings account it does show up on a balance inquiry. Also, your debit/credit card is tied in with your account so when you deposit into the account it does go on the card. Now, depending on the bank it may take up to a day or so to show up on the card, but it will be there. Just be careful not to overdraw while you are waiting for the money to show up because the bank will still charge a fee for it, even though you put the money in already.

Answer 3

Let me see. A DEBIT card is connected to the savings account, so what you have in the savings is what's on the debit card, theoretically. In the US, though, the bank can approve the debit card's use -even- if there isn't enough money in the account, triggering huge overdraft fees. That's one of several reasons I won't use a debit card.

A CREDIT card is different, even if it's the same card. When you use the card as a credit card, you're -borrowing- the money to buy the item. What's in your savings account has nothing to do with that; you've taken on a debt, and you have to send or transfer the money to the credit card company. Putting it in your savings won't pay it off, or make any difference in how much credit you have on your card.

That's how I understand it.

Answer 4

Your question is confusing. The savings account has a balance. Is your card associated with any other account in addition to the savings account?

I have a debit/ATM card. When I go to the bank and try to withdraw or deposit, the first thing it asks me is which account. Checking, savings, etc.

Answer 5

In the U.S.
Visa, MasterCard and discover debit card can be run through the MasterCard or Visa credit card system and can be used as a pin purchase either way it still comes out of your checking account. Credit union it comes out of your share account.

Here is a link that will tell you more about credit and debit cards.

Answer 6

Any withdrawal will be shown on the receipt that you have asked the machine to provide, but are you sure that you can withdraw from a savings account from the machine, as most saving accounts have a penalty clause for instant withdraw.