Debit card tip: PIN vs. signature at checkout - - vimore.org

Debit card tip: PIN vs. signature at checkout

Debit card tip: PIN vs. signature at checkout

YouTube

I'm sure you've encountered the following question when swiping your debit card at a gas station or retail store: Which should you choose, "credit" or "debit?" The question might better be phrased as "PIN or signature?" When you choose debit you enter a PIN. Your transaction is routed through an electronic funds transfer system, such as Star or NYCE, and is usually settled that day. When you choose credit you sign a receipt. The transaction is routed through the credit card processing network and may take a day or two to show up on your account. If you have a rewards checking account, you will usually be required to sign in order to get points for your transaction. Choosing credit may also provide you with more of a paper trail. Dispute a charge and your bank will have to produce a signed copy of the receipt -- something it couldn't do for a PIN transaction. Using a PIN, on the other hand, provides an extra layer of protection. Fraud costs on PIN-debit transactions were about one-tenth the costs of fraud incurred with signature debit in 2010, according to the Federal Reserve Bank of Atlanta. And if you want cash back from the merchant, you'll need to use your PIN. It's not an option if you sign. So are there fees associated with either of these methods? Not for the consumer. But the merchant does pay a much higher fee when you choose credit. So it makes sense that debit is often set as the default choice by merchants and you must physically opt out to choose credit. Bottom line: Either way you choose, the money will be withdrawn from your banking account. If you want to earn rewards or enjoy a float of a day or two, you may want to opt for credit. Otherwise, choosing debit might be the safer option. I'm Gina Miller for CreditCards.com.



Only Idiots Use Debit Cards -- Why CREDIT IS BETTER

Jon shares some financial advice as to why credit cards are entirely better than their debit counterparts for four main reasons: 1) Credit is safer; 2) They b

YouTube

How to Make an ATM Spew Out Money

Barnaby Jack, director of security testing at the computer security company IOActive, demonstrates how to hack an ATM to make it dispense money.

YouTube

Why Chip Credit Cards Are Still Not Safe From Fraud

Credit card thieves can use a skimming device to swipe data through the cards' magnetic strips.

YouTube

EMV FAQ 4: Will EMV chip cards work in NFC mobile wallets?

Banks are issuing credit cards with enhanced security, known as EMV or chip-and-PIN cards. In our ongoing series of frequently asked questions, we asked Randy V

YouTube

How ATM Works

An automated teller machine (ATM) is an electronic telecommunications device that enables the clients of a financial institution to perform financial transactio

YouTube

How to change your PIN

Changing your PIN on your Extraco debit card is easy. Let us show you how.

YouTube

Clone Credit Card With A Cassette Tape

Ever wonder how a credit card works? Well it is just a magnetic strip like a cassette tape. There have been pocket sized credit sized card cloners forever but I

YouTube

Nurit 8020 - How To Use Your Credit Card Machine

Lessons brought to you by http://getvms.com. Visit us to learn more. Part I: Getting Started With Your Nurit 8020 Guide: http://youtu.be/Cknlku5b-BU Need to

YouTube

How to Use a Credit or Debit Card Machine

Here I present a simple instructional video on how to use a credit or debit machine.... you know, the ones at stores when you try to pay for them. I was inspir

YouTube

How to change PIN w BPI ATM

How to change PIN w BPI ATM

YouTube

Demo - Square Card Reader from Squareup.com

Hey guys! This video demonstrates the Square Card Reader from the folks at Squareup.com. Along with your iPhone, iPad, and Android device, you're able to take

YouTube

How to find forgotten Pin Code

DISCLAIMER: "HOW I DO" Youtube channel is not responsible for, and expressly disclaims all liability for, damages of, any kind of, arising out of, use, to, or r

YouTube

Debit card risks

We put together a list of the riskiest places to swipe your debit or credit cards.

YouTube