Question:

How to write a transaction transferring money from debit card to cash account?

by  |  earlier

0 LIKES UnLike

I use a program Microsoft money I want to adjast both accounts when I withdraw money from debet card

 Tags:

   Report

1 ANSWERS


  1. What do you mean “both accounts”.  If you have a debit card it is associated with a cash account at the bank.  When you make a purchase or withdraw fund from an ATM the money for the purchase or withdrawal is taken from the cash account.  There is no separate debit card account like there would be a credit card account because there is never a balance on the debit card since all transaction are directly against the associated cash account.  Think of the debit card as an instant plastic check.  When you use checks you may call the account at the bank a checking account or a cash account but it is still only one account.  And remains just one account if you have a debit card associated with it.

    Of course, it is possible to have two cash account with a bank.  But the existence of a debit card associated with one (or each) of those accounts would have no effect on transfers between them.  If debit cards were involved there would have to be a cash withdrawal from one account and a cash deposit to the other in two separate, independent transactions. And the accounts would be reported separately with different account numbers on your bank statements.

    In summary, it is very likely that you only have one account to deal with and withdrawing money with (not from) your debit card only requires one entry in that account.

Question Stats

Latest activity: earlier.
This question has 1 answers.

BECOME A GUIDE

Share your knowledge and help people by answering questions.
Unanswered Questions