Debit cards from stock brokers

Some stock brokers offer debit cards on their accounts. Debit cards may seem to be an unusual thing for stock brokers to offer their clients, but they tend to be offered on the cash or holding accounts.

Cash or holding accounts are accounts that stock brokers hold that are set up for investors to park their money in between their investments. It is not always the case that an investor will see tempting investments to invest in. In these times the investor will want to have an account where they can store their money. If they do not have this account then it will be likely that they will put the money into a bank account which may mean that the money will either go to another stock broker or not buy into the market for a time. This can mean that the stock broker could lose business if the investor is forced to go to a bank savings account.

Another thing that has happened with these holding accounts is that the account starts to bear interest. This is in order to mean that a person does not need to put their money into an interest bearing savings account while waiting to make another investment. The interest will tend to be lower than other instant access savings accounts, but will tend to be designed to keep the investor with the stock broking account.

One other thing that has started to happen is that some holding or cash accounts have started to offer debit cards. The reason for this is that many instant access savings accounts have also started to offer debit cards. This is because debit cards are actually quite cheap for both the bank and the account holder. The debit card providers charge a merchant fee to shops or service providers that take the debit cards in return for being able to process the payment. This means that the card is in effect free at the point of use to both the credit card user and the bank or stock broker that provides the debit card. This is in contrast to a cheque which tends to involve a small charge, although in many cases there will be free banking if a person has a large enough balance on the account.

Debit cards have been offered by a wide variety of accounts. This includes savings accounts, mortgages and lines of credit. Very few of these accounts will have cheques, due to the expense of cheque processing, but debit cards do tend to be attached to these accounts due to their low cost.