NCUA’s Regulations Stymie Credit Union Mergers Into Banks (2)

Credit UnionConsumer credit is based on the credit rating by Experian, Equifax, or Transunion credit reporting agencies. I was tempted to deposit it and even considered putting it in the checking account at the commercial bank near our home where we have our safe deposit box and where the bank required us to open an account in order to have the box. I will discuss some of these experiences (positive and negative) so you can draw you own conclusion on using your bank or credit union check card for debit or credit card purchases. If you choose the credit option you answer fewer questions and only supply your finger print versus your personal pin number.

I feel that it is more difficult to steal a finger print from the screen versus finger print from the key pad and therefore, at the gas pump, I will always choose the credit option. Case Study Number Three – Consider the two choices of debit versus credit for making your next purchase. As discussed, the debit is an immediate withdrawal from your bank or credit union. Whereas the credit option will clear through your bank or credit union in two or three days. Using the debit option will require someone to credit you for your issue and hopefully immediately. Given all the information presented here, I use the credit option whenever I can.

If there are data feeds from your bank or credit union to any merchant you purchase from, there is the possibility that your purchase information has been sold opening the door for unwanted emails, mailbox advertising and unfamiliar text messages. The last time I went to my bank, I had to deposit a check, which meant face time with an individual who used to be known as a bank clerk or bank teller, but now, if you believe the card that I saw sitting on the counter, the person across from me is.

The debit car seems like a good option, but it just isn’t nearly as convenient to use as the credit card. These cards usually just have your name and the bank name along with the card number. Now remember, it is the power of credit, that is not the same as a credit card. When you use a check card to purchase something using the Credit option, the card uses the power of Visa or MasterCard to make the purchase, and it is debited directly from your checking account. I thought the bank would decline the purchases and they would go on to the next payment source.

When you use an actual credit card to make the purchase you get a monthly bill that you need to pay back along with interest. Your card is ran using VISA or MasterCard and you use your ID and sign for the purchase just like a credit card. I know that is a lot to take in, but basically, when you use the credit option of your check card (Visa or MasterCard), all that is happening is a little man is running from where you are, to your bank, and then running back to where you are to tell the cashier that you have money in your account and that it is safe to give you the goods. You can also apply for an overdraft line of credit if your credit is moderate to good.

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