What do I call that card that I carry in my wallet that lets me withdraw cash from an ATM and make purchases without using credit?
The answer is a Debit Card. But if you said a check card or an ATM card or even an express checking card you could be right as well. Different banks call debit cards different things. You can use debit cards for ATM withdrawals- 24 hours service, or to pay for purchases anywhere, anytime, and the amount will come off your account immediately.

You have to enter your ATM PIN to authorize the transaction which, along with your daily purchase limit, protects the money in your account.

Debit cards are accepted at many locations, including grocery stores, retail stores, gasoline stations, and restaurants. You can use your card anywhere merchants display your card's brand name or logo. They offer an alternative to carrying a checkbook or cash.

Could you please clarify the difference between a debit card and a credit card?
The main difference is between the accounting terminologies; "debit" and "credit." Debit means "subtract." When you use a debit card, you are subtracting your money from your own bank account. Debit cards allow you to spend only what is in your bank account. It is a quick transaction between the merchant and your personal bank account. Credit is money made available to you by a bank or other financial institution, like a loan. The amount the issuer allows you to use is determined by your credit history, income, debts, and ability to pay. You may use the credit with the understanding that you will repay the amount, plus interest if you do not pay in full each month.

What should I do if my ATM card gets stuck when I am withdrawing cash?
ATM card could have been stuck due to these among other reasons:
  • Wrong Pin Code
  • Card wrongly inserted
  • Attempt to press Pin Code more than 3 times at a go
  • Failing to understand any of the instruction given on the ATM machine
Hence, please check where you went wrong and thereafter call your bank immediately to inform that your ATM card is stuck. Even in the case where the transaction has gone through but you did not get the cash, you should inform your bank immediately to know the problem and resolve the issue.

Could you please tell me what is S.W.I.F.T. and its importance?
S.W.I.F.T. stands for Society for Worldwide Interbank Financial Telecommunication. S.W.I.F.T. is the bank-owned cooperative supplying secure messaging services and interface software to over 6,700 financial institutions in about 200 countries. S.W.I.F.T. code consists of 8-digits and represents the initials of respective banks of whose account is used for remitting money. For example, American Express Bank Ltd. (New York) - S.W.I.F.T. code is AEIBUS33, Bank Of Kathmandu Ltd (Nepal) - S.W.I.F.T. code is BOKLNPKA. S.W.I.F.T. helps its customers reduce costs, improve automation and manage risk. In addition to 3,000 member banks, S.W.I.F.T. users include brokers, investment managers, securities deposit, clearing organizations and stock exchange. Swift provides reliable (time tested) method of sending and receiving message from a vast number of banks in large number of locations around the world.

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