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Frequently Asked Questions—ATM & Debit Cards

“Card Smarts” from Merchants Bank

1. How do I know when debit card purchases are subtracted from my account balance?
2. Credit or Debit?
3. Are there any debit card fees?
4. How does holding reservations with my debit card affect my account balance?
5. When will an ATM deposit be credited to my account?
6. How do I change/customize my PIN (personal identification number)?
7. Can I use my debit card in foreign countries? How does it work?
8. Should I use my debit card as a PIN transaction at the gas pump?

Answers:

1. You should subtract the amount of your purchase from your balance immediately when you use your debit card. The Bank puts a hold on those funds immediately. The hold is removed when the merchant processes your transaction or in 3 business days (whichever is less). If the merchant doesn’t clear the transaction within the three days, it may seem that the money is still in your account. In actuality, it is not a part of your available balance, and you risk overdrafts if you do not subtract the funds from your balance immediately.
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2. Whether you choose debit or credit, the money is subtracted from your primary checking account immediately. When you choose credit, you sign for the transaction and cash back is not an option. Visa® and Merchants Bank provide zero percent liability to our cardholders for signature based transactions, protecting you from fraud. Choosing credit also ensures that the business name appears on your statement.
   
   When you choose debit, you enter your PIN (personal identification number) on a key pad and you may ask for cash back at establishments that offer that service.
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3. There is no fee for using your debit card to make point-of-sale purchases or at a Merchants Bank ATM. If you choose to use your debit card at a non-Merchants Bank ATM, you will be charged $1.00 by Merchants Bank and you may also be charged a fee by the institution that owns the ATM. Some store merchants charge a fee if you request cash back on a PIN transaction.
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4. If you use your debit card to hold a reservation (i.e. hotel or rental car), then pay using a different card (or cash), the hold on your debit card will remain in effect for three business days. While in effect, the hold will decrease your available balance.
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5. When you make a deposit of more than $100 at an ATM machine, $100 is made available to you immediately. The remainder of the funds will not be made available until the following business day. The ATM business day ends at 2 PM. Keep in mind that deposits made after 2 PM on Friday are considered to have been made on Monday and so the next business day will be Tuesday.
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6. New Debit Cards and ATM Cards come with a pre-assigned PIN (personal identification number) which is sent to you separately from your card. If you would like to pick your own PIN, simply stop in at any branch. It only takes a minute! If you order a replacement debit or ATM card, it will revert to the pre-assigned PIN. You may reassign your PIN by going to any Merchants Bank branch.
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7. Your debit card works everywhere that VISA® is accepted, including foreign countries. Your four digit PIN is all that is required to use your card in foreign ATMs or POS locations. If the local currency is not US dollars, there is a 1% currency conversion fee charged by VISA®, who handles all currency conversion automatically.
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8. The gas company can put a hold on funds for PIN transactions at the gas pump in an amount potentially higher than your purchase. We recommend you always use a signature transaction at the pump to avoid the issue entirely.
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