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Post by myshelly on Apr 22, 2016 14:49:16 GMT
I need/use cash so little that I've never even used an ATM. I don't even know what my PIN is. Then how do you use your debit card at all? Don't you have to put the pin in for a transaction? The only time we don't have to put a pin in for a debit transaction is if we tap... though that's not entirely true since they randomly ask for the pin especially for large tap transactions. No, you don't have to put in the PIN if you just push the credit button instead of the debit button. Same card. I use the card attached to my checking account for everything, I just always run it as credit instead of debit.
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Post by jassy on Apr 22, 2016 15:00:36 GMT
Love this idea! (the $5 idea).
DH and I went to a semi-cash system about 6 months ago, and damn, we have saved a ton of money!
We take out our grocery money every week in cash, and it really keeps us in a nice budget. Also all four of us (DH, me, 2 teenage sons) get a set amount "allowance" for extras. We've all spent far, far less with this system. The kids have enjoyed saving their cash and when they get over $50 in their wallets, they deposit the excess in their savings.
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grinningcat
Pearl Clutcher
Posts: 4,663
Jun 26, 2014 13:06:35 GMT
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Post by grinningcat on Apr 22, 2016 15:09:42 GMT
Then how do you use your debit card at all? Don't you have to put the pin in for a transaction? The only time we don't have to put a pin in for a debit transaction is if we tap... though that's not entirely true since they randomly ask for the pin especially for large tap transactions. I almost never use my PIN for my debit (only if I need cash back or am using the ATM - both rare). I usually run my debit card as credit - my CU gives us a nickel on every debit card transaction we run as credit (signature vs pin) - I have to sign for purchases over about $20 or so (depends on the business) I keep forgetting that debit is completely different in the States than in Canada. Debit and credit are completely separate here in Canada... I don't really understand how they can be intertwined, but I should start to remember that the systems are different. Though now that I think of it, we need a pin for our credit card transactions as well, because we don't sign. So many pins to remember.
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grinningcat
Pearl Clutcher
Posts: 4,663
Jun 26, 2014 13:06:35 GMT
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Post by grinningcat on Apr 22, 2016 15:12:05 GMT
Then how do you use your debit card at all? Don't you have to put the pin in for a transaction? The only time we don't have to put a pin in for a debit transaction is if we tap... though that's not entirely true since they randomly ask for the pin especially for large tap transactions. No, you don't have to put in the PIN if you just push the credit button instead of the debit button. Same card. I use the card attached to my checking account for everything, I just always run it as credit instead of debit. I always forget that the States have an enmeshed system of debit and credit, whereas up here debit and credit are two different things. That said, we need pins for both... I can't remember the last time I signed a credit card receipt. What's the benefit of running it as a credit instead of a debit? Does it go on your credit card account instead of your bank account?
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Post by myshelly on Apr 22, 2016 15:16:42 GMT
No, you don't have to put in the PIN if you just push the credit button instead of the debit button. Same card. I use the card attached to my checking account for everything, I just always run it as credit instead of debit. I always forget that the States have an enmeshed system of debit and credit, whereas up here debit and credit are two different things. That said, we need pins for both... I can't remember the last time I signed a credit card receipt. What's the benefit of running it as a credit instead of a debit? Does it go on your credit card account instead of your bank account? The benefit is I don't have to know my PIN, lol. The card only does one thing - takes money straight from my bank account. I mean, I guess it's really just personal preference. Stores ask "debit or credit"? The same way they ask "paper or plastic" for your bagging preference.
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grinningcat
Pearl Clutcher
Posts: 4,663
Jun 26, 2014 13:06:35 GMT
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Post by grinningcat on Apr 22, 2016 15:33:20 GMT
I always forget that the States have an enmeshed system of debit and credit, whereas up here debit and credit are two different things. That said, we need pins for both... I can't remember the last time I signed a credit card receipt. What's the benefit of running it as a credit instead of a debit? Does it go on your credit card account instead of your bank account? The benefit is I don't have to know my PIN, lol. The card only does one thing - takes money straight from my bank account. I mean, I guess it's really just personal preference. Stores ask "debit or credit"? The same way they ask "paper or plastic" for your bagging preference. I don't think we've had the bagging preference question in decades. No one does both these days... the only question about bags I get is "do you need bags?" because of the move towards reusable bags. We get the "debit or credit" question as well, but it's two completely separate transactions. My credit card account is completely separate from the account my debit card is on... I think I need to go read how a debit or credit transaction could happen on the same card and the same account. It's just so foreign to me. I carry a credit card which is one of the three majors (Visa, MC, Amex) and I carry a debit card and the only time I can link the two accounts is when I transfer money from my bank account to pay my credit card bill. So if it's taken from the same account, what's the point in having the choice between debit or credit? I need to see if I can find some from google to explain this. I get confused every time this comes up.
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Post by melanell on Apr 22, 2016 15:42:57 GMT
Exactly, why should we have to go to the bank to get cash when we don't need to? I rarely need to go to the bank, I don't write checks, I don't deposit or withdraw cash, I have direct deposit, I do auto bill pay, so why would I want to make a special trip to the bank on my lunch 1/2 hour just so I can carry cash when my debit card does the same thing only easier. Don't you have ATM machines all over the place? You don't have to actually go to a bank to get cash out do you? (General you'd ) I only use my bank's ATM, because it allows me to avoid any fees.
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Post by melanell on Apr 22, 2016 15:44:37 GMT
This is exactly why I don't frequent a couple of local coffee stands. If my $15 coffee purchase is too small for them to want because I don't carry cash, then I won't stop. I'm not going to go to the bank every time we might want a frap or coffee. So off to Starbucks or one of the other stands that does not tack on a fee for using a card. When asked, I always tell the business it doesn't matter to me if they do debit or credit, it's whatever is best for them. Most businesses seem to appreciate that and don't turn my business away. I guess I am that person, as my bank statement is usually about 2-3 pages. $5 is my limit though on debit vs. cash. I do take into account, is it a small business vs. is it a big chain (like Starbucks). My germaphobe BIL takes the cake, though. I've seen him use a debit card to pay for a $1.50 thing of french fries at McDonalds, because he thinks money is "dirty" and it squeaks him out touching it. Is his germaphobia new? Because otherwise how did he manage before the dawn of the debit card?
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Post by gryroagain on Apr 22, 2016 15:45:30 GMT
I am cashless mostly in the US, but now have to be sure I have cash since some places won't read my cards, the credit cards get fraud alerted every 6weeks or so (you would think WE LIVE HERE NOW would finally sink in, but alas...) and many things (garbage bags, refilling transit cards) are only cash. I hate it, because unless I am very diligent with receipts I can't remember where the cash went, and we track everything by categories. It's easy to see that $19 bucks at McDs was dining out, on the card record. It's hard to remember I spent $19 of my cash on McDs on Tuesday, lol. We like the categories because it's nice to see we spend X on Y every month, for a budget.
Plus I am the only speaker of the language here, so all receipts have to be translated by yours truly. Pain in the rear. On the bank statement it is in English, lol, though I do have to translate that much of the time at least dh can get the general idea. It's hard to find the time to sit down together and do it (and with a ton of receipts he can't read it's a must) so the budgeting doesnt get done as often as we need. We are wasting a lot of money this way.
But perhaps I will pull out my 5,000 won bills and start a fund! Since I have cash now- it's not $5 but close enough.
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Deleted
Posts: 0
Sept 29, 2024 22:30:45 GMT
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Post by Deleted on Apr 22, 2016 15:45:36 GMT
The benefit is I don't have to know my PIN, lol. The card only does one thing - takes money straight from my bank account. I mean, I guess it's really just personal preference. Stores ask "debit or credit"? The same way they ask "paper or plastic" for your bagging preference. I don't think we've had the bagging preference question in decades. No one does both these days... the only question about bags I get is "do you need bags?" because of the move towards reusable bags. We get the "debit or credit" question as well, but it's two completely separate transactions. My credit card account is completely separate from the account my debit card is on... I think I need to go read how a debit or credit transaction could happen on the same card and the same account. It's just so foreign to me. I carry a credit card which is one of the three majors (Visa, MC, Amex) and I carry a debit card and the only time I can link the two accounts is when I transfer money from my bank account to pay my credit card bill. So if it's taken from the same account, what's the point in having the choice between debit or credit? I need to see if I can find some from google to explain this. I get confused every time this comes up. It's important to understand that when you are using a debit card, but select it to be processed as credit it's not *really* a credit transaction. Regardless of how it is processed, the funds are still coming more or less immediately from the linked checking account. The main differences are: if you run as debit, you will need to provide your PIN and will not need to sign. At stores that give the option to get cash back, you must run the card this way if you want cash back. If you run as credit, you will not need to use your PIN, you cannot get cash back, and you will need to sign (unless it's a smaller transaction - usually under $50, but the store sets the amount). The biggest difference is that if you run as credit, even though it's not truly a credit transaction, you will be covered under the fraud and purchase protections that are part of Visa/Mastercard. That doesn't seem like it's a big deal - but it is if you need it. Also, the fees the merchants pay are often different depending on whether you opt to have it processed as debit or credit. Generally, they pay less on debit transactions, which is why they often have their systems programmed in a way that "encourages" you to process as debit and makes it unintuitive to process as credit.
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Post by melanell on Apr 22, 2016 15:48:10 GMT
No, you don't have to put in the PIN if you just push the credit button instead of the debit button. Same card. I use the card attached to my checking account for everything, I just always run it as credit instead of debit. I always forget that the States have an enmeshed system of debit and credit, whereas up here debit and credit are two different things. That said, we need pins for both... I can't remember the last time I signed a credit card receipt. What's the benefit of running it as a credit instead of a debit? Does it go on your credit card account instead of your bank account? Nope, it still comes from your account. But for awhile our debit card still gave us VISA rewards if we used it as credit, so we used to run it that way. But then they stopped, so we started running it as a debit and entering our PIN. But then we thought "Well, we could just use our actual credit card and get those rewards instead.", so that's what we do now.
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Post by kernriver on Apr 22, 2016 16:04:09 GMT
I use cash and that sounds like a great idea!
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grinningcat
Pearl Clutcher
Posts: 4,663
Jun 26, 2014 13:06:35 GMT
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Post by grinningcat on Apr 22, 2016 16:10:00 GMT
I don't think we've had the bagging preference question in decades. No one does both these days... the only question about bags I get is "do you need bags?" because of the move towards reusable bags. We get the "debit or credit" question as well, but it's two completely separate transactions. My credit card account is completely separate from the account my debit card is on... I think I need to go read how a debit or credit transaction could happen on the same card and the same account. It's just so foreign to me. I carry a credit card which is one of the three majors (Visa, MC, Amex) and I carry a debit card and the only time I can link the two accounts is when I transfer money from my bank account to pay my credit card bill. So if it's taken from the same account, what's the point in having the choice between debit or credit? I need to see if I can find some from google to explain this. I get confused every time this comes up. It's important to understand that when you are using a debit card, but select it to be processed as credit it's not *really* a credit transaction. Regardless of how it is processed, the funds are still coming more or less immediately from the linked checking account. The main differences are: if you run as debit, you will need to provide your PIN and will not need to sign. At stores that give the option to get cash back, you must run the card this way if you want cash back. If you run as credit, you will not need to use your PIN, you cannot get cash back, and you will need to sign (unless it's a smaller transaction - usually under $50, but the store sets the amount). The biggest difference is that if you run as credit, even though it's not truly a credit transaction, you will be covered under the fraud and purchase protections that are part of Visa/Mastercard. That doesn't seem like it's a big deal - but it is if you need it. Also, the fees the merchants pay are often different depending on whether you opt to have it processed as debit or credit. Generally, they pay less on debit transactions, which is why they often have their systems programmed in a way that "encourages" you to process as debit and makes it unintuitive to process as credit. I think my head just exploded... that's so complicated! But it's not quite as different as I think... maybe. So regardless of which way you run it, it still comes from your bank account? What happens if you use an actual Visa or MC? I think I'd just use my credit card if I went to the states, I have no idea what they'd do with my cards.
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Post by crazy4scraps on Apr 22, 2016 16:23:30 GMT
It's important to understand that when you are using a debit card, but select it to be processed as credit it's not *really* a credit transaction. Regardless of how it is processed, the funds are still coming more or less immediately from the linked checking account. The main differences are: if you run as debit, you will need to provide your PIN and will not need to sign. At stores that give the option to get cash back, you must run the card this way if you want cash back. If you run as credit, you will not need to use your PIN, you cannot get cash back, and you will need to sign (unless it's a smaller transaction - usually under $50, but the store sets the amount). The biggest difference is that if you run as credit, even though it's not truly a credit transaction, you will be covered under the fraud and purchase protections that are part of Visa/Mastercard. That doesn't seem like it's a big deal - but it is if you need it. Also, the fees the merchants pay are often different depending on whether you opt to have it processed as debit or credit. Generally, they pay less on debit transactions, which is why they often have their systems programmed in a way that "encourages" you to process as debit and makes it unintuitive to process as credit. I think my head just exploded... that's so complicated! But it's not quite as different as I think... maybe. So regardless of which way you run it, it still comes from your bank account? What happens if you use an actual Visa or MC? I think I'd just use my credit card if I went to the states, I have no idea what they'd do with my cards. Yes, either way it still comes out of your bank account when you use your bank's debit card (and sometimes they say 'debit' right on the front). If you use an actual credit card it goes on your credit card account. Does your debit card have the Visa or MasterCard logo on it? If so, it could probably be processed like a credit card here and come out of your bank account, but you might get hit with fees for doing so. You could ask at your bank (or call and ask) to see what the rules would be should you ever go to the US.
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Post by gmcwife1 on Apr 22, 2016 16:29:15 GMT
Exactly, why should we have to go to the bank to get cash when we don't need to? I rarely need to go to the bank, I don't write checks, I don't deposit or withdraw cash, I have direct deposit, I do auto bill pay, so why would I want to make a special trip to the bank on my lunch 1/2 hour just so I can carry cash when my debit card does the same thing only easier. Don't you have ATM machines all over the place? You don't have to actually go to a bank to get cash out do you? (General you'd ) Yes, the bank and ATM I use are together in a store that is about 15 minutes away. I just don't like having to go there if I don't have to There is one ATM on the way home from work, but it does not belong to my bank and charges a fee for non customers. I either don't drive much or I drive long trips so I just don't need to stop at an ATM very often and when I do it's an out of the way stop
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Post by myshelly on Apr 22, 2016 16:39:34 GMT
It's important to understand that when you are using a debit card, but select it to be processed as credit it's not *really* a credit transaction. Regardless of how it is processed, the funds are still coming more or less immediately from the linked checking account. The main differences are: if you run as debit, you will need to provide your PIN and will not need to sign. At stores that give the option to get cash back, you must run the card this way if you want cash back. If you run as credit, you will not need to use your PIN, you cannot get cash back, and you will need to sign (unless it's a smaller transaction - usually under $50, but the store sets the amount). The biggest difference is that if you run as credit, even though it's not truly a credit transaction, you will be covered under the fraud and purchase protections that are part of Visa/Mastercard. That doesn't seem like it's a big deal - but it is if you need it. Also, the fees the merchants pay are often different depending on whether you opt to have it processed as debit or credit. Generally, they pay less on debit transactions, which is why they often have their systems programmed in a way that "encourages" you to process as debit and makes it unintuitive to process as credit. I think my head just exploded... that's so complicated! But it's not quite as different as I think... maybe. So regardless of which way you run it, it still comes from your bank account? What happens if you use an actual Visa or MC? I think I'd just use my credit card if I went to the states, I have no idea what they'd do with my cards. Yes. If you are using your bank account card, the funds come out of your account immediately. The transaction looks the same in my bank account regardless of whether I run my card as credit or debit.
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Post by gar on Apr 22, 2016 16:39:56 GMT
I can use the ATM at any bank/petrol station/supermarket etc without any charges as long as it's part of the network linked with my bank - and that's most of them.
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Post by Meri-Lyn on Apr 22, 2016 16:54:38 GMT
I guess I am that person, as my bank statement is usually about 2-3 pages. $5 is my limit though on debit vs. cash. I do take into account, is it a small business vs. is it a big chain (like Starbucks). My germaphobe BIL takes the cake, though. I've seen him use a debit card to pay for a $1.50 thing of french fries at McDonalds, because he thinks money is "dirty" and it squeaks him out touching it. Is his germaphobia new? Because otherwise how did he manage before the dawn of the debit card? Beats the heck out of me! This was about 10 years ago, I think, because my nephew was pretty little at the time. My FIL and SIL are the same way. That whole family is wacky. I swear sometimes, DH is the only normal one out of the bunch.
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Post by katlady on Apr 22, 2016 16:58:46 GMT
It's important to understand that when you are using a debit card, but select it to be processed as credit it's not *really* a credit transaction. Regardless of how it is processed, the funds are still coming more or less immediately from the linked checking account. The main differences are: if you run as debit, you will need to provide your PIN and will not need to sign. At stores that give the option to get cash back, you must run the card this way if you want cash back. If you run as credit, you will not need to use your PIN, you cannot get cash back, and you will need to sign (unless it's a smaller transaction - usually under $50, but the store sets the amount). The biggest difference is that if you run as credit, even though it's not truly a credit transaction, you will be covered under the fraud and purchase protections that are part of Visa/Mastercard. That doesn't seem like it's a big deal - but it is if you need it. Also, the fees the merchants pay are often different depending on whether you opt to have it processed as debit or credit. Generally, they pay less on debit transactions, which is why they often have their systems programmed in a way that "encourages" you to process as debit and makes it unintuitive to process as credit. Thanks for explaining the difference! I don't use a debit card and I have always wondered what the difference was between running the card as a debit vs. credit.
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Post by Meri-Lyn on Apr 22, 2016 17:00:46 GMT
I think....the advent of the debit card (or check card) back in the day, was many places could take Visa/Mastercard, but you couldn't use the plain old ATM card. This way you get a card that has the Visa/Mastercard logo, but ties directly to your bank account. When you run the card, it goes through the Visa/Mastercard processor, and then goes to your bank to debit your account. At the time, most places weren't set up to take a PIN, so running it through V/MC with your signature allowed them to process your transaction, and increase their sales. Nowadays, I think it's pretty rare for a merchant to not take it as a Debit card/PIN, but when the whole "Check Card" thing was introduced 20+ years ago, it was the opposite.
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Post by myshelly on Apr 22, 2016 17:43:51 GMT
I guess I am that person, as my bank statement is usually about 2-3 pages. $5 is my limit though on debit vs. cash. I do take into account, is it a small business vs. is it a big chain (like Starbucks). My germaphobe BIL takes the cake, though. I've seen him use a debit card to pay for a $1.50 thing of french fries at McDonalds, because he thinks money is "dirty" and it squeaks him out touching it. Is his germaphobia new? Because otherwise how did he manage before the dawn of the debit card? Maybe he's not that old. I've never not had a check card since I have been old enough to have my own bank account.
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mallie
Pearl Clutcher
Posts: 3,253
Jul 3, 2014 18:13:13 GMT
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Post by mallie on Apr 22, 2016 20:58:57 GMT
I seldom have cash on me.
1. Points on my credit card. We have used various point ccs over the years. When the kids were small, it was the TRU card -- never had to actually pay for diapers and wipes, etc. When the kids were older and we went to Disney, the points paid for, at least, our hotel rooms at Disney which meant we could afford that vacation. As they grew up, we switched to a hotel cc and we have used that to pay for hotel rooms on vacation, which again allowed us those vacations. So I look at my points as free money and I cannot imagine turning down free money.
2. I like the convenience of using a cc over digging in my purse for bills and change. I also like the convenience of seeing my purchases listed on a sheet -- it helps me examine my spending. Yeah, I could keep receipts and make up a spread sheet...but I would never bother to do that.
3. Growing up in NYC, I learned to only have enough cash in my wallet/purse to give to a mugger. So it's a lifelong habit. Oddly enough, I was never mugged in big bad NY, but I had my wallet stolen here in the midwest. I replaced the ccs, but the (little amount of) cash was gone forever. Lesson learned.
We have older ladies coming into our store who are flashing huge wads of cash, because they refuse to use credit or debit cards. More than once I have compassionately suggested they be more discreet or reconsider carrying that much cash, since we have had purse snatchings in the parking lots in the area. I had one lady who I could see had over $1000 in her wallet and she was a little old lady walking with a cane. Perfect victim. Again, if her purse is snatched, that's $1000 gone forever (and no doubt to fund a drug addiction).
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Post by Meri-Lyn on Apr 22, 2016 22:05:37 GMT
Is his germaphobia new? Because otherwise how did he manage before the dawn of the debit card? Maybe he's not that old. I've never not had a check card since I have been old enough to have my own bank account. 43 or 44 I think? I got my first check card back in the old First Union days, in '93, I think. I was a senior in college. I remember because one of my buddies was a teller and she got a bonus if I told them she recommended it to me.
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Post by crazy4scraps on Apr 22, 2016 22:10:15 GMT
I don't think we've had the bagging preference question in decades. No one does both these days... the only question about bags I get is "do you need bags?" because of the move towards reusable bags. We get the "debit or credit" question as well, but it's two completely separate transactions. My credit card account is completely separate from the account my debit card is on... I think I need to go read how a debit or credit transaction could happen on the same card and the same account. It's just so foreign to me. I carry a credit card which is one of the three majors (Visa, MC, Amex) and I carry a debit card and the only time I can link the two accounts is when I transfer money from my bank account to pay my credit card bill. So if it's taken from the same account, what's the point in having the choice between debit or credit? I need to see if I can find some from google to explain this. I get confused every time this comes up. It's important to understand that when you are using a debit card, but select it to be processed as credit it's not *really* a credit transaction. Regardless of how it is processed, the funds are still coming more or less immediately from the linked checking account. The main differences are: if you run as debit, you will need to provide your PIN and will not need to sign. At stores that give the option to get cash back, you must run the card this way if you want cash back. If you run as credit, you will not need to use your PIN, you cannot get cash back, and you will need to sign (unless it's a smaller transaction - usually under $50, but the store sets the amount). The biggest difference is that if you run as credit, even though it's not truly a credit transaction, you will be covered under the fraud and purchase protections that are part of Visa/Mastercard. That doesn't seem like it's a big deal - but it is if you need it. Also, the fees the merchants pay are often different depending on whether you opt to have it processed as debit or credit. Generally, they pay less on debit transactions, which is why they often have their systems programmed in a way that "encourages" you to process as debit and makes it unintuitive to process as credit. Yes, this. It costs the retailer more to process the payment as a credit transaction with a signature when a PIN number could be used. There is probably also a higher risk of fraud since it's easier to scribble a fake signature than it is to know or randomly guess someone's PIN. The new credit cards with the EMV chips that I've received all have PIN numbers now.
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Post by myshelly on Apr 22, 2016 22:13:33 GMT
It's important to understand that when you are using a debit card, but select it to be processed as credit it's not *really* a credit transaction. Regardless of how it is processed, the funds are still coming more or less immediately from the linked checking account. The main differences are: if you run as debit, you will need to provide your PIN and will not need to sign. At stores that give the option to get cash back, you must run the card this way if you want cash back. If you run as credit, you will not need to use your PIN, you cannot get cash back, and you will need to sign (unless it's a smaller transaction - usually under $50, but the store sets the amount). The biggest difference is that if you run as credit, even though it's not truly a credit transaction, you will be covered under the fraud and purchase protections that are part of Visa/Mastercard. That doesn't seem like it's a big deal - but it is if you need it. Also, the fees the merchants pay are often different depending on whether you opt to have it processed as debit or credit. Generally, they pay less on debit transactions, which is why they often have their systems programmed in a way that "encourages" you to process as debit and makes it unintuitive to process as credit. Yes, this. It costs the retailer more to process the payment as a credit transaction with a signature when a PIN number could be used. There is probably also a higher risk of fraud since it's easier to scribble a fake signature than it is to know or randomly guess someone's PIN. The new credit cards with the EMV chips that I've received all have PIN numbers now. I can still use my bank card with a chip without a PIN. I was always told there's less fraud with credit transactions bc if the point of sale is compromised only your card number is compromised and not your PIN.
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Post by cmpeter on Apr 22, 2016 23:27:12 GMT
I read a Bloomberg article today about the new $20 redesign. I suck at linking on my phone, but it was called "Cash is still king, and the $20 sits on the throne".
They had some interesting stats on cash:
The $20 makes up the most value in our wallets (55%). The $5 is around 6%.
99.7% of us still use cash. Checks came in around 80%, debit around 78%, credit cards at 79% and prepaid at 50%.
Some (wealthier and better educated) try to avoid using cash.
Cash is used for 26% of all transactions, which is more than cc's but lower than debit cards.
Cash is the most popular for younger, poorer, less educated consumers, who can have a harder time getting a bank account.
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Post by melanell on Apr 23, 2016 0:27:37 GMT
I read a Bloomberg article today about the new $20 redesign. I suck at linking on my phone, but it was called "Cash is still king, and the $20 sits on the throne". They had some interesting stats on cash: The $20 makes up the most value in our wallets (55%). Well if all ATMs are like mine, that's all they spit out, so that makes perfect sense to me.
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Post by crazy4scraps on Apr 23, 2016 0:51:20 GMT
Yes, this. It costs the retailer more to process the payment as a credit transaction with a signature when a PIN number could be used. There is probably also a higher risk of fraud since it's easier to scribble a fake signature than it is to know or randomly guess someone's PIN. The new credit cards with the EMV chips that I've received all have PIN numbers now. I can still use my bank card with a chip without a PIN. I was always told there's less fraud with credit transactions bc if the point of sale is compromised only your card number is compromised and not your PIN. I would be willing to bet that within a few years all cards will be chip-and-pin and the signatures will be phased out.
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Post by myshelly on Apr 23, 2016 0:53:21 GMT
I can still use my bank card with a chip without a PIN. I was always told there's less fraud with credit transactions bc if the point of sale is compromised only your card number is compromised and not your PIN. I would be willing to bet that within a few years all cards will be chip-and-pin and the signatures will be phased out. But what I'm saying is I put it in the chip reader and the chip works. I do not have to enter my PIN nor do I have to sign. Even for transactions over $100 I haven't had to sign with my chip.
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Post by crazy4scraps on Apr 23, 2016 1:19:37 GMT
I would be willing to bet that within a few years all cards will be chip-and-pin and the signatures will be phased out. But what I'm saying is I put it in the chip reader and the chip works. I do not have to enter my PIN nor do I have to sign. Even for transactions over $100 I haven't had to sign with my chip. So... You're saying you don't have to provide ANY kind of ID to use your card? For any amount? I don't think I'd be too happy about that as a consumer knowing anyone who physically had my card in their hand could walk into some store and get whatever they wanted without having to enter a PIN or even try to forge my signature. ETA: Especially since now the clerks don't ever touch the card or match the signatures like they used to. Neither of my debit cards have been converted to chip cards yet, so the only experience I have with it are my credit cards and all of those have PINs which act as my ID / signature.
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