Hey Club Members!

You may have noticed adults paying for groceries with a card that has a Chicago Cubs, Chicago White Sox, or maybe a Chicago Sky logo on the front. Cool design, but what is that card and how does it work?

It’s a debit card, a card that is linked to a checking account. It can help you pay for items, get cash out of your account, and learn how to manage money. Debit cards can sometimes be confused with credit cards, but credit cards are a way to borrow money and pay later. With debit cards, you pay for a transaction with the money you have in your account right now. You have to protect debit card information carefully, but if you have a use for one, debit cards can be a helpful financial tool.

How do you get a debit card?

The most common way to get a debit card is to open a specific bank account called a checking account. You may have heard of savings accounts. Savings accounts help you keep and grow your money safely in the bank, not spend it. A checking account still keeps your money safe, but it also helps you spend your money by coming with some spending tools: checks and a debit card.

If you’re under 18, a parent or guardian will have to open the account jointly with you. Both of your names will be on the account. The bank where you are opening it may have a minimum age requirement as well — at our banks, it’s 13 years old. You have to fill out an application either online or at a bank with the help of an adult. If you open your account online, your card will be mailed to you, but if your family already has an account at a bank like one of ours, you might be able to get your new debit card right away!

Make sure to ask what card designs are available as well. Our banks offer a variety of options, including sports teams, area colleges, and other local organizations.

What can you do with a debit card?

Having a debit card can make using money easier in some ways. Because the card is linked to a checking account, you can spend money that is in that account without taking it out of the bank and carrying bills and coins in a wallet, purse, or piggy bank. If you’re tired of asking your parents for cash or getting cash for your allowance, they could deposit the money directly into your checking account and you could use your debit card to access that money.

But, if you do want to use cash, a debit card also works as an ATM card, which makes it easy to withdraw from your bank account. So instead of going to the bank and filling out a withdrawal form, you can go to an ATM and get cash out of your account by keying in the PIN number that comes with your card. The PIN is usually four numbers that you choose, and you should keep that combination very private. Banks often charge fees to use an ATM, but some of our checking accounts allow customers to withdraw cash for free. Some ATMS, like the ones owned by your bank, will also let you deposit money into your account, which can save time.

When should I get a debit card?

If you’re old enough, or you meet the age requirement at your bank with an adult’s help, first ask yourself if you have reasons to use it. People commonly open a checking account with a debit card when they start receiving paychecks from their first job. It gives them a place to deposit their paycheck and the card helps them get cash or make purchases.

Some people get debit cards so they don’t have to use cash to make purchases at school, or to buy gas for their car. Or, if you need to use cash often, a debit card provides access to ATM machines. The reasons can be different for everyone, so think about what you would use yours for.

Are you ready to manage your money?

Next, make sure you are ready to pay attention to your spending habits. Since your debit card is connected to your account, you do not want to spend more money than you have in the account. Doing that is called overdrafting and some banks charge a fee when it happens (We don’t).¹ Overdrafting can cause your purchase to be rejected though, so it’s important to keep track of your account balance on a regular basis.

The best way to check your balance is to look at your account online if you can. Most banks have online banking or an app where you can see your balance and where you spent money. Your bank will send you a statement each month to help you keep track, and you can usually see your balance when you use ATM machines as well. Tracking your spending and earnings with a debit card is a good way to start learning how to manage your money, an important skill to have.

Is it safe to use a debit card?

It’s safe to use debit cards in reputable stores, gas stations, restaurants, and ATMs. Debit cards can be used to buy things online, but you should check with an adult first because they are not always the safest option. Try to make sure any place you use your card is safe and secure (your parent or guardian can help with this).

Just like your bank account number, you want to keep the numbers on the front and back of your debit card and your PIN number very private. If someone else knows those numbers, they could take money out of your account without your permission. If you lose your card or have it stolen, tell an adult right away so they can call your bank and protect your account.

Now that you know what a debit card is and does, talk to your parents, your guardian, or one of our friendly neighborhood bankers if you’d like more information on how to get one of your own.

Get your own debit card with a Student Checking account, available for students 13 to 25 with no minimum deposit to open, monthly minimum balance, or maintenance fees, plus unlimited free ATMs in network. ² Applicants under the age of 18 must open account jointly with a parent, legal guardian, or other adult.