I just signed up for online baking so this way I know what I have, and noticed that my debit card was attatched to the checking account.. Why is that?
Because most people pay their bills and do their shopping out of checking, not savings.
When you use your debit card to fill up the car, you dont want that coming out of savings!
Because the MOST used Account ANYone tends to Use- is their Checking Account. and since MANY People get their Paychecks -"Direct Deposited" into them, most Banks automatically attaches your Debit Cards directly to your Checking Accounts (as a matter of Convenience).
A checking account is active. It is designed to pay bills, make purchases, and for regular withdrawals throughout the month & rarely pays interest on the balance.
Debit cards are attached to your primary checking account because debit or credit card activity occurs often.
A savings account is for saving money and not for spending. It is not active like a checking account. It pays interest and is not designed for regular withdrawals. Sometimes there are even penalty fees attached if too many withdrawals or transfers occur during the month. Money should remain in a savings accounts.
If needed, money can be transferred from your savings into the checking account at an ATM using your debit card, online, or in person at the bank.
That is the STANDARD default at EVERY bank. you can link the card to the savings account as well for ATM access, but it can only be linked to ONE account for point of purchase transactions. the VAST majority of people prefer using their checking account for that purpose. the rest rack up excess withdraw penalties on the savings account.
How come my debit card is attacted to my checking account and not my primary savings?