Banking
Debit Cards and e-Transfers
Learn how debit works and how to send money safely.
5 minutesBeginnerReviewed July 23, 2026Lesson 5 of 15
Debit purchases remove money directly from your bank account. An e-Transfer moves money through participating financial institutions.
Protect your debit card
Keep your PIN private, cover the keypad and avoid obvious PINs. Never give someone your card and PIN together.
Banks may set daily limits. A declined purchase may mean a limit was reached.
Use e-Transfers carefully
Confirm the recipient and amount before sending. Treat an e-Transfer like cash.
Use Auto-Deposit where appropriate and avoid security answers visible on social media.
Be suspicious if a buyer overpays, asks for a refund or sends a strange acceptance link.
Try this
- 1Check your debit card's daily limit.
- 2Check whether Auto-Deposit is enabled on your account.
- 3Never share passwords or verification codes.
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Official sources
Educational content only. TaxLoophole.ca provides general educational information and does not provide personalized tax, legal or financial advice. Rules may change and may differ based on your province, territory and circumstances. Verify important decisions with the Canada Revenue Agency, another appropriate government source or a qualified professional.
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