Savings Account & Debit Card
November 14, 2007 – 10:11 pmToday, I spent quite a long time telling a reader that a debit card is actually like a cash card. It is never a good idea to keep money in your card but to transfer the money for safekeeping to your savings account.
When you want to use the card to make a purchase, then only do you transfer the money from your savings account to your card.
This way, you do not risk losing the money should you lose your card. It’s hard to say, you know. Someone may get hold of your card and forge your signature. However, according to my friend who spent huge sums of money buying things with the debit card, Public Bank will give him a call to confirm if he really bought the item.
I think this is a great security measure and our money is secure. I find Public Bank to be very efficient and keeps good tab of money movements. If you read my previous post, they called me up one morning to confirm if I was the one who withdrew money from my card.
My point is that if you intend to use Public Bank’s Visa Electron Card to withdraw your PayPal funds, get a savings account as well.
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4 Responses to “Savings Account & Debit Card”
Where is Public Bank? I would like to know more about their type of debit card. My bank debit card takes the money straight out of my checking account. I have never heard of a debit card you could load up the cash on. It sounds more like one of those gift cards that you get for stores.
Jan’s last blog post..Desperate times call for desperate measures
By Jan on Nov 16, 2007
Hi Jan,
Public Bank is a Malaysian bank http://www.pbebank.com/ but they have branches in other countries as well.
A debit card is a card which we can use only if it has cash loaded in. We can also link the debit card to our bank account for auto funding but it is risky if we have a lot of cash in our account.
The card that you mentioned about being funded straight from our bank account is the card that we know here as “bank card” or “ATM card”. These two are the same with dfferent names only.
By Cyberpartygal on Nov 17, 2007
Hi Cyberpartygal,
U r totally wrong.
The card that you said can load money whenever you need is Prepaid Card, such as MOL Freedom, AMBank NextG, Tune Card, Ikea Payment Card, Public Bank Visa Electron. Those card are not link to any Saving or Deposit Account but you can pay fund to those cards from your respective saving account within the bank or via MEPS IBG, Interbank Giro.
Whereby Debit Card is directly link to Saving and Deposit Account, and function as ATM card as well. Those are Standard Chartered Debit Mastercard, Alrahji Bank Visa Debit, Affin, BSN. The cards can be used over Visa or Mastercard network depending. Thats mean usage worldwide.
And local ATM MEPS Card is of course yr ATM, Cash Card and function e-debit for usage to buy goods on local stores by MEPS.
You’re totally confuse readers.
By Vincent on Feb 3, 2008
Hi Vincent,
Thanks for the clarification.
However, I am talking in relation to Public Bank’s Visa Electron card & PayPal and why we should not link the Electron card to our Public Bank Savings Account.
By Cyberpartygal on Feb 3, 2008