Will the year 2007
    be a great year?


Monday, June 19, 2006

Is it a Debit Card?

In the United States, their bank card is completely different. Their cards automatically come with two options for getting money or paying for goods or services. Living in the states, I have been involved with several debates over what these bank cards should be called.

The first option is to choose debit; you will be asked to provide a pin number. This is obviously the safest way, but costly because you get charged bank fees each time you use the debit option. In Canada, this is the only option and there is no fee for using debit.

The second option is to choose credit and use your bank card like a credit card, but you are not borrowing any money from the bank, you are simply deducting money from your checking account. You are asked to sign the receipt. Obviously this makes it unsafe even to have a bank card - anyone can use your bank card to make purchases.

I saw an advertisement for Bank of America and they call the bank card a "check card" which makes more sense than calling the card a debit card!

Now we say it is safe to say America's bank cards should be called check cards.

Finally the argument of American's bank card being called a debit card is closed.


FrecklesFly said...

Wow, you are right, b-u-t, you couldn't choose option of "credit" to withdraw money or get cashback. It can be obtained only when using debit option, hence, for that p-a-r-t, its just the same as canadian debit.

oneninefive said...

Well, I am sure you get the idea what I was talking about.

FrecklesFly said...

Ah, always a comeback :D hehe

Buzzair said...

So doesn't a check card work the same as a debit card? Has both the credit and debit option?

Therefore its still not safe, they just changed the name but not how it functions.

Buzzair said...

Also...my bank doesn't charge me for debit usage. I only get the standard monthly fee weather I use my debit o credit.

I have unlimited debit, and will only get charged if I use one of those privatly owned ATM/ABM's or one owned by another bank.

Since I don't have a TD Bank machines in the U.S. the best way to withdrawal money and avoid the ATM/ABM charges is to get cash back at the cashier.

Buzzair said...
This comment has been removed by a blog administrator.
xFf said...

I alway forget to get cashback! it's a pain in the ass... I like when you can use your debit everywhere in Canada except for Tim Hortons. That's it!