Chose “Credit” when you Debit
What?! You may be asking...
You know when you’re in the grocery store line and you swipe your credit union debit card, what do you say when the clerk asks you “credit or debit?”
If you’re like most people, you say debit…and then enter in your pin number. That’s because we think if it’s a debit card, we have to choose debit or somehow the transaction will turn into a “credit card” purchase.
That’s not the case.
In fact, when you choose the “credit” option, you’re actually doing yourself and your credit union a favor!
Let’s look at it more closely. "Debit or credit?" is actually an unfair, misleading question. There is no such thing as a debit card that is used as a credit card. When you use your debit card, you are engaging in a debit transaction no matter how you answer. When clerks ask this question, they are really asking you to pick one of the two ways they can process your debit card payment – as a PIN (personal identification number) based transaction or as a signature-based transaction. One costs the merchant a little more and one takes a little longer to reflect in your checking account, but fundamentally a debit transaction is a debit transaction.
Small difference -- it all comes out of your checking account, but it's a big difference to your credit union.
Studies show that identity theft is more likely to occur when you enter your PIN at point-of-sale terminals because most of them are located in high-traffic, public areas. Also, the funds are immediately deducted from your checking account.
When you choose the “credit” option, you are actually further protecting the transaction by marking it with your unique signature for verification.
Another big benefit to choose the “credit” option when using your debit card is that it may take from one to three days for the deduction to actually reflect on your checking account. That helps you gain maximum purchase protection against fraud and chargeback rights that will make getting refund on previously purchased items much easier.
Merchants also do not charge Leaders as much money to process a “credit” debit card transaction as they do a “debit” debit card transaction. So, the less we pay in interchange fees, the more we can continue to provide our members with higher savings yields and lower loan rates.
So the next time you're asked will that be credit or debit, consider using the “credit” option. It could save you money and make you money all at the same time.
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Our Simply Free Checking account offers you:
- No monthly service charge
- No per check charge
- Unlimited check writing
- Unlimited access to Leaders’-owned ATMS
- (2) free foreign ATM withdrawals per month
With only $25 needed
to open this account, you are sure to find the best value for
your money here!
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World traveler? Always on the go and need an ATM close by no matter
the time or place? Then this account is for you. With our regular
share draft account, you have:
- Unlimited check writing
- Unlimited ATM usage (worldwide)
- Overdraft protection offered
A deposit of $50 opens this account and there is a $4 monthly
service charge. (This charged is waived if daily balance is $500
or more for the full month.)
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Earn dividends while having unlimited access to your funds! Leaders
new
Premier Checking gives you all the conveniences of a regular
checking account with the earning power of a savings account!
- Earn Dividends monthly
- Write an unlimited amount of checks (No per check fee)
- Access Your Money with a FREE ATM/CheckMate
Debit Card (with unlimited usage)
- Make unlimited deposits
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Premier Rates
With our Premier Plus Checking,
you earn dividends on your money while maintaining the flexibility
of withdrawing it. This account offers:
- No monthly service charge
- Earns dividends - compounded monthly*
- Unlimited deposits
- First (50) checks free
- $2,000 to open account
* Must maintain $2,000 daily balance to obtain the APY
disclosed
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Premeir Plus Rates
- Unlimited Check Writing and Printing
- Free Money Orders
- Free Traveler's Cheques
- Free ATM (CheckMate Debit Card) - with worldwide access
through Plus/Cirrus and MasterMoney Network
- Overdraft Protection Offered
- $50.00 to open account
- $7.00 Monthly Fee
- Must have Share Account
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- For Members Age 55 and Over
- No Monthly Fee
- Two Boxes of Checks per year at no charge
- Free Traveler's Cheques
- Free Money Orders
- Overdraft Protection
- Free ATM (CheckMate Debit Card) - with worldwide access
through Plus/Cirrus and MasterMoney Network
- $50.00 to open account
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- For Members Age 23 and Under
- No Monthly Fee
- First Order of Checks Free (150)
- No Fee per Check - Write as many checks as you want
- Free ATM (CheckMate Debit Card) - with worldwide access
through Plus/Cirrus and MasterMoney Network
- Auto Loan Discount
- $20.00 to open account
NOTE: Any LCU member age 16 or over may open
a checking account; Members under age 18 must have a parent or legal
guardian as joint owner.
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