ATM vs. Debit

Discussion in 'Credit Talk' started by milavant, Aug 22, 2003.

  1. milavant

    milavant Well-Known Member

    Are ATM cards safer to carry than debit cards?
  2. Hedwig

    Hedwig Well-Known Member

    Probably yes. True ATM cards can only be used to get cash at an ATM, and most banks put a limit on how much you can get per day. Debit cards can be used like credit cards and so you can spend more per day. In addition, most debit cards will allow you to spend more than you actually have, then you'll be overdrawn.

    GEORGE Well-Known Member


    ATM cards DON'T have VISA on it...and in MOST cases don't even have a signature stripe...BUT YOU CAN BUY "STUFF" WITH IT...(PIN # REQUIRED)
  4. iambroke

    iambroke Well-Known Member

    Safer as if stolen can they get your money?

    ATM cards require a PIN number so if the thief doesn't have that they can't get any money off your account. At least with an ATM card you are somewhat more protected then a debt card which doesn't require any PIN.

    And I had an ATM card years back and the POS systems at the local grocery stores took it as long as I entered my PIN number. I could even get cash back. It wasn't just good in the ATM machine.

    However in a debit card they can use it like a credit card and if nobody verifies the signature they can take your money. I know when I go out to dinner the restaurant employees don't verify my signature on my slip matches my card. I know on most of my trips to Walmart the cashier's don't verify my card to my signature on my slip I sign. So, if it gets thru that way you are sunk and have to go thru your banks fraud dept and file all the paperwork to get your money back. I can go to the gas station and use my debit card without even talking or seeing any employees. I just swipe my card and pay at the pump and sign nothing. Therefore one can assume a debit card is easier to do fraudulant charges on it then an ATM card.
  5. ef

    ef Well-Known Member

    In the banking world, ATM card & debit card are synonymous.

    Difference being:
    - Transactions with ATM card (PIN based) is done in real time (online debit). Authorization and settlement is done simultaneously over a debit network, the funds are taken from your account immediately.

    - Transactions performed using an ATM card with the Visa/MC mark (signature) has delayed settlement, (offline debit). The authorizationrequest is sent over the same network as a credit card, but the settlement (when you see the transaction appear on your account) usually takes place 2 or 3 days later.

    It costs more to the merchant to process a transaction over the credit network vs. pennies to do it over the debit network. V&MC get a larger percentage in processing fees from the merchant when you use their offline product vs. PIN based online debit (because the transaction get routed through a regional debit network, STAR/NYCE instead of going through the VisaNet or MC's network).

    Hope this isn't too technical....
  6. iambroke

    iambroke Well-Known Member

    I find that my CU is different in that my checkcard is automatic...IE my balance is reduced by the transaction immediately. It doesn't "post" to my account in the ledger side until a few days but it is automatically removed from my available balance.
  7. NJones

    NJones Well-Known Member

    My Credit Union works the same way.

    GEORGE Well-Known Member

    The ATM card I was talking about was one that did NOT say VISA on it...IT MUST BE USED IN AN ATM OR AT A POS TERMINAL...

  9. Cathy

    Cathy Well-Known Member

    As someone who works with both type of cards at my job I think I can add this. A consumer should pick the card type that best fits their needs. That said,however, Visa and Mastercard's 0 % liability policy does extend to their debit cards too (though some banks may not make it that clear). In addition, with a standard atm card if the card does not swipe for any reason (ie a bad strip on the card or our stalite connection to the PIN networks going down), I am unable to process it. However, with the Visa and Mastercard ones, I am allowed to process them without swiping via imprint and/or keying in the #'s (though I am supposed to get an imprint as well). The PIN payment networks do not allow this option, but Visa and Mastercard do, so I am able to do it if nessessary with the Visa / MC checkcards.
  10. sam

    sam Well-Known Member

    very few rewards with the ATM pin #.

    I avoid using it.

    Would rather chalk up a credit line and then ACH
    to the credit card.

    It took me a month after someone stole (not physically) my visacheck card and charged some phone sex locally.

    I did not have to use my atm card once in the month of time.

    Strangely i have many more rewards points this month.

    i might stick to the routine. my new ATM card says

    Maybe in an emergency i will but why bother.

    I like to piss off amex and charge something, then immediately post a payment (from my paypal) to amex. Resulting in a negative balance for a few days.


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