Bank fees for PIN card transactions
DEBIT-CARD PURCHASERS PENALIZED FOR PIN USE
Excerpt:
"Debit or credit" is a misleading question. While all the plastic in your wallet looks the same, most of us carry around three different ways to pay: a regular credit card, a bank/ATM/debit/cash card that can be used with a PIN code to buy things at retail stores (PIN-debit transactions) and a bank/ATM/debit/cash card that can be used with a signed slip to buy things (signature debit). It's the last two we're concerned with here.
Comments: a good read. I personally think it is borderline unethical to charge customers for PIN-based transactions. Caveat Emptor! For us ... we do not do debit card transactions. Why? We have rewards programs with our credit cards!
I never use my debit card anymore. I dont even know if I know the pin anymore. I dont even use it using signature. I strictly use my credit card. I do tell people, though, who are in debt, to strictly use their debit card over credit, then once they have their debt under control or paid for, then use their credit card again. This is what I did and it helped get me get out of debt. I actually took my credit cards out of my wallet. Now they are back in.
ReplyDeleteI had heard of banks charging fees for using your debit card, but had never actually encountered it. if anything, i would think that credit card transactions would require a fee, and debit cards should have no charge.
ReplyDeletei like to think that debit cards are actually safer from a fraud standpoint, too. most people use their checking accounts almost daily, and only check their credit card balances once a month, with their statement.
what are the charges, usually, for using a debit card??