When you use your ATM/debit card to pay for purchases at retail locations, you can choose either PIN-secured or signature debit to access your money.
Using Your PIN to Pay
With PIN-secured debit, you provide your Personal Identification Number (PIN) the same way you would to withdraw cash at an ATM. PIN-secured debit also allows you to get cash back at participating locations and the amount of the purchase is deducted from your account immediately.
Signing for Purchases
Signature debit requires you to sign a sales receipt to authorize the transaction when you make a purchase. Your funds aren’t deducted until the merchant’s receipts are settled, similar to a credit card transaction, but using your bank account instead of credit.
Do Consumers Have a Preference?
Yes! Forty-five percent of surveyed consumers said they favor using their PIN, while only 35 percent prefer to sign.*
Cash back, added security, convenience, and reduced checkout time are just some of the reasons why many consumers prefer using a PIN over signing a receipt when making purchases.
PIN-Secured Debit Facts
- No signature required
- The trusted security of using a PIN
- No need to provide additional identification
- Unique ability to obtain cash back at participating retail locations
- Easy to carry little or no cash
*Source: 2008 Dove/Hitachi Consulting Consumer Payment Preference Study. (return to text)