Tag Archives: Debit card

Spread the word on 12 Safety Tips for Debit/Prepaid Card PIN

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            The full form of PIN in the digital payment world is Personal Identification Number. It is often spoken as PIN Number, which is incorrect.

The PIN is numeric password which is shared between a user and a system. This PIN authenticates the user on the system.

Normally, apart from the PIN which is not physically visible, a physical token or a User Id are used together to let the User access the system.

The system looks up the PIN based upon the user ID and compares the looked-up PIN with the received PIN. The user is granted access only when the number entered matches with the number stored in the system.

Hence, the User ID/Physical Token should be kept separately.

In India, with effect from today PIN is mandatory for Debit Card/PrePaid Cards on POS terminals.

Remember the same PIN can be used to withdraw Cash from an ATM and also complete your shopping at POS Terminals. Hence, it becomes more important to safeguard your PIN. 11 golden rules to safeguard your bank account:-

01) Beware of “Shoulder Surfing” i.e. shield your PIN from onlookers by using your body.

02)Use your hand or body to shield your Personal Identification Number (PIN) when you are conducting transactions at the Automated Banking Machine (ABM) or at the point of sale.

03)Never let your Debit Card/Prepaid Card out of your sight when conducting a transaction.

04)Never ever shout your PIN across shopping counters.

05)Only allow your card to be swiped once and always remember to take your Debit /Prepaid Card and transaction record with you once your transaction is completed.

06)If you feel you need to keep a copy of your PIN written down somewhere (not recommended), keep it in a place separate from your Debit/Prepaid Card. Never keep them together.

07)It is advisable that you know your available balance before you make any POS  purchase.

08)Double check the amount entered by the cashier before you key-in your PIN to authorize payment of your purchase.

09)Your PIN should not:

• Be easily associated with other personal information such as phone number, birthday or part of Aadhaar Number.

• Be part of your card or account number

• Be the same digits or a sequence of running digits

• Be the same as a previously used/selected PIN of this Debit/Prepaid Card or any other Debit/Prepaid card.

10) In addition, if you have multiple Debit/Prepaid Cards,  should never assign the same PIN to all PINned cards – if someone steals your wallet and discovers your PIN, you may rest assured they will test that PIN against all cards in your wallet.

11)  In case you feel it is difficult to memorize all of the PINs for your cards and must carry a written record, it is very important that any PINs be thoroughly disguised. For example, the PIN may be embedded in a list of phone numbers and, desirably, amended through some formula only you would know.  Yes, the formula should not be remembered.

12) Also, this list should never be carried closely adjacent to the card. For example, both should not be together in your wallet.

Cheers-Dombivali Nagari Sahakari Bank (DNSB) customers any access any Bank ATM now

dns  DNS Bank is the first Scheduled Urban Co-operative Bank in our country to issue RuPay debit cards to its customers. DNS Bank in association with NPCI joined the ‘RuPay’, bandwagon.

The card issuance event was launched on August 06, 2013 at NPCI‟s corporate office, Mumbai that was presided by Shri A P Hota, MD & CEO, NPCI, Smt Nandini Kulkarni, Chairperson of DNS Bank, Shri Koparkar-Vice Chairman, Shri Gopal Paranjpe- CEO, DNS Bank along with team of NPCI and DNS Bank.

, which had a deposit base of some Hundreds of rupees in the initial years, has registered a deposit figure of Rs. 2437 crores. The same progress applies so far as loan and advances are concerned. It has so far assisted thousands of people from all walks of life by lending Rs. 1639 crores.

At present DNS bank has a network of 37 branches spread across 11 Maharashtra Districts.

In the course of its growth, DNS Bank, has merged two banks into itself i.e i)  Shivneri Sahakari Bank With DNS Bank’s On 13 October 2007 and ii) Suvarana Mangal Mahila Sahakari Bank on 3rd January 2010.

DNS Bank also has a eLobby, at Main Branch, Dombivli. The Lobby has facilities for customers to deposit cheques, cash, print passbook, withdraw cash, 24 hours and 365 days. Any branch’s customer can access the E-Lobby for their requirements.

Another feather in its cap is that DNS is 1st Co-op. Bank to launch Mobile Banking Services in India. The Bank’s customers can send and receive funds on any day and any time as per their convenience by using their mobile phones.

Will consumers benefit by European Commission Legislation on Interchange Fee Cap?

On 24/07/2013, the European Commission will commence discussion in European Parliament on the maximum cap on interchange fees that can be charged by Card Issuers, in European countries

Since 2000, the European Commission was negotiating with Visa Europe and MasterCard to limit the interchange fees. Finally, the Commission has drafted proposed legislation that—according to Bloomberg—would reduce credit card interchange fees to 0.3 percent and debit card fees to 0.2 percent.

At present, the debit card interchange fees varies from 0.1 percent in Denmark to 1.6 percent in Poland, reported The Financial Times. Germany is a bit higher, with an average of 1.8 percent for credit cards, and France has a lower average of 0.5 percent.

As the interchange fees constitute a sizeable portion of the respective Bank’s fee income, it is not clear if the consumers will be benefited or not. One of the possible options Banks have is to increase the consumer fees.  This would negate the caps imposed by European Commission.

Under the Commission’s proposal the caps would apply only to cross-border transactions for the first two years. After the two-year transition, caps on domestic transactions will also apply.

In countries such as Australia and the US, reductions in interchange fees have resulted in consumers paying higher bank fees. How consumers will fare in the end, is the big question looming over the proposal. EU banks are sure to complain that consumers will lose and retailers will win. EU Parliament has much to consider when future debate about the legislation commences.

 

Europe at last moves to regulate card fees

Commission to go ahead with cap on card fees