While it may be true that cheques have been slowly growing obsolete over the past decade with the nascent rise of debit card accounts.
Debit cards are connected to bank accounts, and this is one of the things that make them different from credit cards. Some people have trouble understanding what this means and what the effects are.
Why do I get a debit card with my mortgage?
When a credit union or bank merges, there can be an issue with the debit cards the institution has issued. The debit cards may for a while bear the name of the old bank and it is often a question whether the card is still valid.
Debit cards are now commonplace with mortgage accounts, giving the account holder the ability to withdraw funds or make purchases through the mortgage account. This makes sense for the bank, and it can make sense for the mortgage account holder, as well. However it is a good idea to be aware that a debit card [...]