Article View: misc.consumers
Article #5693Re: Debit card question
From: James Linn
Date: Wed, 04 Jan 2006 00:02
Date: Wed, 04 Jan 2006 00:02
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2781 bytes
GregRo wrote: > Debit card question > > In the US. > Do to the lawsuit filled by wal-mart and others. > > Check Cards with a Master card or Visa symbol must be identified as a > debit card. The money comes from your checking or savings account. > > In the U.S. Merchants have the following choices > Pin purchases only > Signature debit purchases only > Signature credit card purchases only > or all of the above. > > > > My question > Are they doing this worldwide or just in the US? Canada had greater market penetration of ATMs than the US in the early 80s and for all Canadian Banks, the ATM card is a debit card. Whether you use it at an ATM or at a card machine at a retailer, you use a PIN. Debit cards can access either a chequing or savings account - you get a prompt. Debit cards in Canada do not have VISA or MC symbols - only the bank's logo. At a retailler they use the same machine for credit card purchases which require a signature - the difference is in the form of the receipt. There have been experiments with smart cards with chips but nothing caught on. I don't know what happens at Walmart in the US - in Canada they were the last major retailler to go debit, and they offer cashback which can be handy. Hope that helps. James
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