What are the advantages of paying with a debit card?
Debit cards offer you the flexibility to access your money just like cash, and are protected by security features when making purchases or withdrawing money from your account. Many people prefer debit because they pay as they go without worrying about back-end bills or interest fees associated with monthly payments. Plus, by making real-time payments, you can keep better track of how much you spend on a daily basis.
What is a PIN-enabled debit card?
With PIN-enabled debit, you are required to enter your personal identification number (PIN) for safe access to your money and account. PIN-based debit cards allow you to perform transactions at ATMs, make purchases at retailers that provide PIN pads and receive cash back at participating retailers.
What is a signature-enabled debit card?
Signature-enabled debit transactions are similar to traditional credit card transactions because they are signature-authorized, but the funds are directly debited from your checking account rather than charged against a line of credit. Signature-enabled card transactions are typically accepted at retailers or service providers that honor Discover, MasterCard or Visa. Your authorization can be completed in one of two ways. You may either sign your receipt for in-store purchases or, when making purchases online or over the phone, you can complete your purchase through a process known as a “card-not-present” transaction. These types of transactions do not require a signed authorization. In addition, some purchases under a certain dollar amount do not require a signature.
Can my debit card be both PIN-enabled and signature enabled?
Yes. Most debit cards carry a Discover, MasterCard or Visa logo – as well as NYCE, PULSE, STAR or other PIN-based network logos – and are both signature- and PIN-enabled. When making purchases, you may choose to either authorize the transaction by entering your PIN or by signing the receipt of purchase at retailers who accept these brands. At ATMs, however, you must enter your PIN to complete the transaction.
Which type of transaction withdraws money from my account faster?
Both the signature and PIN-based transactions withdraw money directly from your account. PIN-based transactions are settled more quickly than signature debit transactions, which may take up to a few days to be reflected in your account.
Which type of transaction is the safest?
All forms of payments involve some risk and all offer benefits. With PIN debit, the use of a four-digit PIN provides an added level of security. Visit our Safe and Secure section to learn about safety practices when using your debit card.
Who can I contact to change my card type?
Call or visit your financial institution and ask about options that may be available with your account.
What is the difference between debit cards and credit cards?
A debit card looks similar to a credit card, but acts like a check because, for example, the purchase amount is deducted from your bank or credit union account. Credit cards enable you to charge purchases against a pre-approved line of credit and pay off your balance in monthly installments.
How do I pay with a debit card?
Debit card transactions can be completed in a number of ways, depending on the features of the card: by signing a receipt; making a purchase on the Internet, by mail, over the phone or by entering a personal identification number (PIN).
