FW: [Idyllchat] Capital One ATM

[TSchlingel at aol.com]

Good point!  Now, in case some are wondering what the difference is  between 
an ATM and a "debit" card.  My understanding is that with either a  "debit" 
card or ATM card, if you withdraw  cash from an ATM machine, the cash is 
deducted immediately from  your checking account.  That is easy to understand.
Also, If you make a purchase with a "debit" card,  cash is deducted 
immediately from your checking account. Again, that is what we  expect to happen.
However, If you make a purchase with an ATM card,  the merchant has a choice 
of treating the transaction like a debit or like a  credit card.  Likewise, 
you have the choice of telling the merchant how you  want it treated.  What 
isn't generally known is that the merchant actually  incurs a different handling fe
e on the transaction depending upon how it is  used.  In other words, if 
you're making a purchase  for $100, the merchant may actually receive only $99.50 
from the bank if handled  like a "debit."  If handled like a credit card 
(ATM), the seller may get  only $99 from the bank. In both cases, the bank is 
eventually going to take $100  from your account.
At least at my banks, where I have VISA ATM cards, there are  2-3 days of lag 
time before my account is eventually charged when I use the  cards to make a 
purchase and it is treated like a credit card transaction.   There is no lag 
time when I use the card as a debit transaction.  The  withdrawal is immediate.
To be cautious, I take several minutes each day to check my accounts  online 
to make sure that what is recorded are my own personal  transactions.  I do 
that whether or not I am traveling.
Last, and my apologies for all the detail, when I use my ATM like a  "credit" 
card, I will not receive a monthly statement.  There is only that  lag time 
before a deduction is made from my checking account.
Whew!  I wore myself out just trying to make all that sound  sensible.  
Tom Erdman, St. Louis
 



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