ATM cards are credit cards that are often issued by banks or credit card companies to customers. The debit card may be tied to a checking account, savings account, or even an overdraft protection line of credit which is designed for people with bad credit who cannot get approved for other loans.
There are two types of ATM Cards: the first type has no connection between funds in the checking account and funds in the debit card.
The second type offers overdraft protection which is usually a line of credit with high-interest rates; this means that if there are insufficient funds in an account, withdrawals will be covered from another source such as savings or even more damaging loans.
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Debit cards allow people to spend money without needing to withdraw cash from a bank account. This means that if someone were to lose their debit card, they could not spend any more money without getting the replacement debit card in the mail and activating it with a PIN number or password.
The disadvantage of carrying around large amounts of cash is avoided when people use their debit cards; however, sometimes banks charge fees for withdrawing cash, so debit cards are not always preferable.
Credit cards on the other hand are a riskier form of payment as they involve debt. However, credit cards can be used in some countries where debit card usage is not yet widespread.
Debit card transactions are protected by the same law that protects credit card transactions which means if an account holder does not receive what was advertised or expected, then they have the right to dispute it.
16 Digits Debit Card Number
There are usually 16 digits on the credit card, grouped in 4 and visible on the front of the card in the top-left corner.
The first group is known as MCC or major industry code, and it represents a classification for products that have been classified according to their type across all industries. These codes are assigned by Mastercard Worldwide Services Limited on behalf of cards’ issuing banks in order to identify what they are most likely used for: travel and entertainment, cash withdrawals or debit payments.
The second set of digits is for the cardholder account number and serves as a unique identifier in order to distinguish one customer from another. The third group contains an expiration date that indicates when this particular account will expire unless it has been renewed with new funds before then. And lastly there is a security code that is used to validate the cardholder’s identity.
The first six digits of the 16-digit debit card number are used by the issuing bank to identify what type of card it is.
Major Industry Identifier (MII)
The ISO/IEC 7812 numbering system is used to encode the issuer bank identification number, international debit card acceptance consumer group identifier and a checksum. The MII (Major Industry Identifier) identifies what type of card it is: travel and entertainment, cash withdrawals or debit payments.
Issuer Identification Number (IIN)
The IIN is the first six digits of a debit card number. It identifies what type of debit card it is: travel and entertainment, cash withdrawals or debit payments.
Card Verification Value (CVV) code: The CVV code can be found on either the back of your credit card or beneath a scratch-off strip on the front of your debit card.
Bank Identification Number (BIN)
The BIN is the last four digits of a debit card number. The first six and last four numbers are always used in order to identify what type of debit card it is: travel and entertainment, cash withdrawals or debit payments.
International Debit Card Acceptance Consumer Group Identifier (IDAC) –
This can also be found on the back of your debit card and indicates whether the debit card is a Visa or MasterCard.
IIN, CVV code, BIN, and IDAC may be all needed to complete transactions at ATMs.
Credit cards: Credit cards have an IIN that identifies what type you have (e.g., Visa or MasterCard).
A CVV code is a three- or four-digit number printed on Visa, MasterCard and Discover credit cards that sometimes appear below the embossed account number (on an unsealed envelope). It’s also known as a CVC (card verification code) for American Express. The security features of your card, such as a Signature (signature) or Chip Card help prevent unauthorized use.
How to differentiate Master Card from a Visa Card?
A MasterCard is identified by the letters “MC” on cards issued in Canada. On all other international bank cards, it has either a black or red MC logo that appears at the top right-hand corner of your card’s front
The master card often starts with 5378 and Visa starts with 4589
The MasterCard logo is three interlocking circles, and the Visa logo has a stylized V shape design on its face.”
A Visa card is identified by the letters “Visa.” On cards issued in Canada, it has either a black or blue V logo that appears at the top right-hand corner of your card’s front.
Expiration Date on ATM Cards
On most debit cards, the expiration date is printed on the face of your card. If it’s not there, you can usually call your issuing bank to find out when it expires. The expiration date depicts the time when your card will no longer work.
OTP can be explained as a one-time password. OTP is also called “one-time pad” or “One Time Password”.
It is a temporary and random string of numbers, which are generated by your card’s chip to provide authentication for transactions such as ATM withdrawals.”
An OTP token can be used on any device that has an NFC receiver in order to save time when logging in.
OTP tokens are particularly useful for people who do not have a smartphone or cellphones.
They can also be helpful if you don’t want your spouse, children, or other family members to see the device that contains all of your passwords.”
ATM Pins are more complicated than debit card PINs, but they’re worth it because the bank will offer you a higher level of protection.
With your ATM card pin, you can rest assured that your bank account will remain safe.
Keeping your ATM Card Safe!
It’s not enough to just memorize a PIN for your debit card.
You have to keep it safe, too! The best way is by using an OTP token, which can be downloaded as an app and used on any device with NFC capabilities.”
There are three pieces of information you need in order to access your account when you’re away from home: your debit card PIN, the ATM pin and a personal identification number (PIN) for identity verification.
Cardless ATMs are not as secure as those that require debit cards.
The transactions may be subject to fraudulent charges because there is no way to verify whether it’s really the customer who presented their card to make the withdrawal.
However, debit cards are still a good way to avoid carrying cash.”
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