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A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or the back. Many new cards now have a chip on them, which allows people to use their card by touch (contactless), or by inserting the card and keying in a PIN as with swiping the magnetic stripe. Debit cards are similar to a credit card, but the money for the purchase must be in the cardholder's bank account at the time of the purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase.
Electronic funds transfer at point of sale is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit cards or credit cards, at payment terminals located at points of sale. EFTPOS technology was developed during the 1980s.
An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account information inquiries, at any time and without the need for direct interaction with bank staff.
The Bank of Nova Scotia, operating as Scotiabank, is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada's Big Five banks, it is the third-largest Canadian bank by deposits and market capitalization. In 2023, the company’s seat in Forbes Global 2000 was 88. It serves more than 25 million customers around the world and offers a range of products and services including personal and commercial banking, wealth management, corporate and investment banking. With more than 92,001 employees and assets of Can$1,136 billion, Scotiabank trades on the Toronto and New York exchanges. The Scotiabank swift code is NOSCCATT and the institution number is 002.
A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account or bank account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of debit cards, cheques and electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds. In accounting terms, they are considered as cash.
Visa Debit is a major brand of debit card issued by Visa in many countries around the world. Numerous banks and financial institutions issue Visa Debit cards to their customers for access to their bank accounts. In many countries the Visa Debit functionality is often incorporated on the same plastic card that allows access to ATM and any domestic networks like EFTPOS or Interac.
Dynamic currency conversion (DCC) or cardholder preferred currency (CPC) is a process whereby the amount of a credit card transaction is converted at the point of sale, ATM or internet to the currency of the card's country of issue. DCC is generally provided by third party operators in association with the merchant, and not by a card issuer. Card issuers permit DCC operators to offer DCC in accordance with the card issuers' processing rules. However, using DCC, the customer is usually charged an amount in excess of the transaction amount converted at the normal exchange rate, though this may not be obviously disclosed to the customer at the time. The merchant, the merchant's bank or ATM operator usually impose a markup on the transaction, in addition to the exchange rate that would normally apply, sometimes by as much as 18%.
An overdraft occurs when something is withdrawn in excess of what is in a current account. For financial systems, this can be funds in a bank account. In these situations the account is said to be "overdrawn". In the economic system, if there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally charged at the agreed rate. If the negative balance exceeds the agreed terms, then additional fees may be charged and higher interest rates may apply.
Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic transfer with a payment terminal and access automated teller machines (ATMs). Such cards are known by a variety of names, including bank cards, ATM cards, client cards, key cards or cash cards.
An ATM card is a dedicated payment card card issued by a financial institution which enables a customer to access their financial accounts via its and others' automated teller machines (ATMs) and, in some countries, to make approved point of purchase retail transactions. ATM cards are not credit cards or debit cards, however most credit and debit cards can also act as ATM cards and that is the most common way that banks issue cards since the 2010s.
Debit card cashback is a service offered to retail customers whereby an amount is added to the total purchase price of a transaction paid by debit card and the customer receives that amount in cash along with the purchase. For example, a customer purchasing $18.99 worth of goods at a supermarket might ask for twenty dollars cashback. The customer would approve a debit payment of $38.99 to the store, and the cashier would then give the customer $20 in cash.
A bank statement is an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution. Such statements are prepared by the financial institution, are numbered and indicate the period covered by the statement, and may contain other relevant information for the account type, such as how much is payable by a certain date. The start date of the statement period is usually the day after the end of the previous statement period.
ATM usage fees are the fees that many banks and interbank networks charge for the use of their automated teller machines (ATMs). In some cases, these fees are assessed solely for non-members of the bank; in other cases, they apply to all users. There is usually a higher fee for use of White-label ATMs rather than bank owned ATMs.
National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience banking. It is run by the National Payments Corporation of India (NPCI). As on 31st January’ 22, there were 1,203 members that includes 111 Direct, 1,045 Sub members, 43 RRBs and 4 WLAOs using NFS network connected to more than 2.55 Lac ATM (including cash deposit machines/recyclers).
A credit card is a payment card, usually issued by a bank, allowing its users to purchase goods or services or withdraw cash on credit. Using the card thus accrues debt that has to be repaid later. Credit cards are one of the most widely used forms of payment across the world.
Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney.
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
girocard is an interbank network and debit card service connecting virtually all automated teller machines (ATMs) and banks. It is based on standards and agreements developed by the German Banking Industry Committee.
Tangerine Bank is a Canadian direct bank that is a subsidiary of Scotiabank. It offers no-fee chequing and savings accounts, Guaranteed Investment Certificates (GICs), mortgages and mutual funds. Many savings and investment products are eligible for registration under a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF).
Consorsbank is a brand of BNP Paribas S.A. Niederlassung Deutschland with its seat in Nürnberg.
References
- 1 2 3 4 5 "Bank of America: Traveling Internationally? Find International ATM Partners". Archived from the original on 19 December 2018. Retrieved 3 February 2022.
- ↑ "Global ATM Alliance - International & Migrant - Westpac NZ". www.westpac.co.nz. Archived from the original on 22 December 2015. Retrieved 19 December 2015.
- ↑ "BNP Paribas: an international bank serving local clients - BNP Paribas". www.bnpparibas.com. Archived from the original on 22 December 2015. Retrieved 19 December 2015.
- ↑ "Global ATM Alliance | Scotiabank". www.scotiaback.com. Archived from the original on 23 July 2018. Retrieved 22 July 2018.
- 1 2 "Using ATMs overseas". Westpac Banking Corporation. Archived from the original on 23 December 2012. Retrieved 7 May 2017.
- ↑ "FAQs: ATMs and ATM Fees - What is the Global ATM Alliance?". Bank of America. Archived from the original on 4 May 2017. Retrieved 5 May 2017.
- ↑ "Bank of America Financial Centers and ATMs". Bank of America. Archived from the original on 19 December 2018. Retrieved 19 December 2018.
- 1 2 "Deposit accounts for personal and self-managed superannuation fund customers" (PDF). Westpac Banking Corporation. 8 April 2017. pp. 36, 38. Archived (PDF) from the original on 29 December 2009. Retrieved 7 May 2017.
- ↑ "Global ATM Alliance | International & Migrant - Westpac NZ". www.westpac.co.nz. Archived from the original on 29 January 2018. Retrieved 26 April 2018.
- ↑ "Global ATM Alliance". www.scotiabank.com.
- ↑ "Tangerine Bank: ABM Locator". tangerine.ca. Archived from the original on 2 August 2016. Retrieved 9 March 2017.
- ↑ "Tangerine Bank Fair Fees Schedule" (PDF). tangerine.ca. Archived (PDF) from the original on 11 November 2020. Retrieved 3 October 2019.