Excellent clear & thorough explanation. Thank you!
2010 was my first year and very, very successful.
I can definitely see the benefit of using a PIN based transaction to
speed up the reconciliation of accounts so transactions can be closed & make room for more transactions....
Originally Posted by
Happy
When the debit card is used without PIN, it would essentially turn the transaction into a "credit card" transaction by the function of it, despite a debit card is used to perform it.
You should notice that when you do not use a PIN to make a transaction, the amount does NOT show up immediately on your bank account when viewed online. It takes several days before the transaction would show up and money deducted from your bank account, as the transaction is processed as a CREDIT Card transaction and processed differently than the PIN based transaction.
When you use PIN to make a transaction on your debit card, the amount is IMMEDIATELY deducted from your bank account in REAL TIME.
Hope the above would help you understand it better.