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Anav
Sarcastic Llama? Naw, Just Acerbic
Premium Member
join:2001-07-16
Dartmouth, NS

1 edit

Anav

Premium Member

New TD Debit Card with Visa Logo

Typically day for Anav.
Get up, make a leafs joke,
Eat some hay, (healthy cereal) with blueberries and bananas
Go to Canadian Tire,
Buy something cause everything is on sale and Im a sucker (okay where else am I going to get a 8mm 12 star friggin screw driver bit)
FORGET MY DEBIT CARD IN THE MACHINE,
Go to bank to get new card.

Segway for Topic
++++++++++++++++++++++++++++
Okay I was confused. Its not a VEESA card but it has the VIsa Logo. Somehow it can be used online safely or to make purchases without using your debit pin. Safety of Visa but accesses your bank account vice visa account. Anyone use it yet??

HiVolt
Premium Member
join:2000-12-28
Toronto, ON

HiVolt

Premium Member

Karma got you for those Leafs jokes!

Gord
@teksavvy.com

Gord to Anav

Anon

to Anav
Yeah Iv'e seen them. They work anywhere a regular credit card will including online. BUT the merchant will now pay credit card rates to process it instead of a set interac fee of 15 or 20 cents.

Good for you bad for retailer.

$250 purchase with interac debit cost retailer 20 cents
$250 purchase with Visa debit cost retailer $7.50

Next step increased prices.

elwoodblues
Elwood Blues
Premium Member
join:2006-08-30
Somewhere in

elwoodblues

Premium Member

said by Gord :

Yeah Iv'e seen them. They work anywhere a regular credit card will including online. BUT the merchant will now pay credit card rates to process it instead of a set interac fee of 15 or 20 cents.

Good for you bad for retailer.

$250 purchase with interac debit cost retailer 20 cents
$250 purchase with Visa debit cost retailer $7.50

Next step increased prices.

There's always a catch isn't there. I didn't think TD would introduce a new product because it was a good idea.
IamGimli (banned)
join:2004-02-28
Canada

IamGimli (banned) to Anav

Member

to Anav
I would take it back and ask for a good'ol Interac debit card.

My biggest problem is that now your debit card is just as easy as a credit card to scam, yet the thieves have access to funds directly from your bank account and the terms of use reflect debit card terms of use, including much more limited liability from the bank for fraudulent operations.

corster
Premium Member
join:2002-02-23
Oshawa, ON

2 edits

corster to elwoodblues

Premium Member

to elwoodblues
said by elwoodblues:

said by Gord :

Yeah Iv'e seen them. They work anywhere a regular credit card will including online. BUT the merchant will now pay credit card rates to process it instead of a set interac fee of 15 or 20 cents.

Good for you bad for retailer.

$250 purchase with interac debit cost retailer 20 cents
$250 purchase with Visa debit cost retailer $7.50

Next step increased prices.

There's always a catch isn't there. I didn't think TD would introduce a new product because it was a good idea.

The new TD Debit Card uses the Interac network in Canada, the VISA network internationally, as well as for card-not-present transactions (online, telephone, mail order).

It won't work for in-store purchases in Canada over the VISA Network, so brick-and-mortar retailers won't get stuck paying higher processing fees.

It's essentially a half-assed VISA Debit Card compared to the ones offered outside CAnada (the companies originally intended on offering consumers a choice between Interac and VISA at the point of sale as is done in other countries - the Government's new Code of Conduct prohibits that).

Here's TD's website about the new card: »www.tdcanadatrust.com/pr ··· at-is-it

HiVolt
Premium Member
join:2000-12-28
Toronto, ON

HiVolt

Premium Member

Would be cool if they could make a "Double sided" card... One side of the card would have the chip tied to your debit account, the other to your VISA account...

ekster
Hi there
Premium Member
join:2010-07-16
Sainte-Anne-De-Bellevue, QC

ekster

Premium Member

Too many people would get confused with which side to swipe/insert.
mickw99
join:2003-04-09
Kitchener, ON

mickw99 to Anav

Member

to Anav
only about 10 years behind the states on this one

HiVolt
Premium Member
join:2000-12-28
Toronto, ON

HiVolt to ekster

Premium Member

to ekster
said by ekster:

Too many people would get confused with which side to swipe/insert.

Only offer it to people that want it. and I'd have no magnetic stripe on it, just the chip and make the sides clearly different and labelled as such...

Would be a nifty idea I think.
decx
Premium Member
join:2002-06-07
Vancouver, BC

decx

Premium Member

said by HiVolt:

said by ekster:

Too many people would get confused with which side to swipe/insert.

Only offer it to people that want it. and I'd have no magnetic stripe on it, just the chip and make the sides clearly different and labelled as such...

Would be a nifty idea I think.

Then you'd be stranded at the old place that still doesn't have the chip reader. They still do exists (as do, though rarely these days, credit card imprinters).

HiVolt
Premium Member
join:2000-12-28
Toronto, ON

HiVolt

Premium Member

Yeah I do know that some places still have swipe only terminals... But speaking of that, wasn't there some sort of cutoff date that all retailers should have converted to the chip system?

Just googled it... Not for a few more years it seems... But it will get there eventually
said by interac.ca :
When will I be required to install a chip capable terminal?

Acquirers and payment service providers will work with you to determine plans for migration to chip terminals. All Interac Debit terminals need to process chip debit transactions by December 31, 2015. The transition period allows for terminals to be converted as part of normal attrition and/or replacement cycles. You will need to work out plans for migration to chip terminals with your Acquirer or payment service provider.

ekster
Hi there
Premium Member
join:2010-07-16
Sainte-Anne-De-Bellevue, QC

ekster

Premium Member

The easier solution is probably to just connect both a credit and a debit card to the same chip. And when you insert it, it asks you if you want to use debit or credit (similar to chq vs saving)
decx
Premium Member
join:2002-06-07
Vancouver, BC

decx to HiVolt

Premium Member

to HiVolt
I had a cabbie in March pull out an imprinter. Not even at the mag strip stage yet, let alone chip reader. Seriously, for some reason their mag strip system isn't up to par and I've often gotten imprints in Vancouver cabs, plus I don't think I've seen a chip reader in a Vancouver cab yet.
decx

decx to ekster

Premium Member

to ekster
said by ekster:

The easier solution is probably to just connect both a credit and a debit card to the same chip. And when you insert it, it asks you if you want to use debit or credit (similar to chq vs saving)

Given the difference in principle between debit and credit cards and the possibility for cashiers to make mistakes I certainly do not want both tied into one card or chip.
XaXiS
join:2009-08-15
Canada Eh

XaXiS to Anav

Member

to Anav
So technically with my card because it has a VISA logo on it, I can order things online from say NCIX etc and it gets debited to my account?
Warez_Zealot
join:2006-04-19
Vancouver

Warez_Zealot to Anav

Member

to Anav
said by Anav:

FORGET MY DEBIT CARD IN THE MACHINE,
Go to bank to get new card.

Ouch! I had someone do that to me once. It was an older man, and he literally walked away after taking his money out the ATM. So I was like wtf!!! If I was the nefarious type, I could have made a withdrawal from his account.

But instead I just called him back and said he was giving away free $$$.

Anyhow, you should get your dementia checked out.

VISA debit seems like an interesting idea. I guess VISA just wants to get in on the processing fees debit generates, but at VISA card transaction costs.

As someone already said. Good for us, not so good for the retailer.

pnjunction
Teksavvy Extreme
Premium Member
join:2008-01-24
Toronto, ON

pnjunction to mickw99

Premium Member

to mickw99
said by mickw99:

only about 10 years behind the states on this one

I don't know if this is better but I hear nothing but horror stories about that down there. Instead of just having charges that need to be reversed when your card is compromised you get an empty checking account with no access to your money until it is sorted out, yeah that's just great.

Talk about years behind they are not even starting to get chip and PIN cards until next year.

elwoodblues
Elwood Blues
Premium Member
join:2006-08-30
Somewhere in

elwoodblues to Warez_Zealot

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to Warez_Zealot
This is a huge fight, in Canada debit cards have been traditionally been handled the bank, in the US Visa and Mastercard arethe dominant debit players.

They want to do the same in Canada, with the"rewards" associated with the credit cards now being extended to debit cards. Of course this comes with a price attached to it, in fees for the merchant.

pnjunction
Teksavvy Extreme
Premium Member
join:2008-01-24
Toronto, ON

pnjunction

Premium Member

I'm not really fan of the whole rewards game. The credit card duopoly basically bends the merchants over and forces them to increase prices and then looks like the good guy by giving some of that loot back to customers.

Gone
Premium Member
join:2011-01-24
Fort Erie, ON

Gone to Gord

Premium Member

to Gord
said by Gord :

Yeah Iv'e seen them. They work anywhere a regular credit card will including online. BUT the merchant will now pay credit card rates to process it instead of a set interac fee of 15 or 20 cents.

Not true. If it's a dual logo card (Interac and Visa) the card will defaults Interac. It only uses Visa when processed specifically as a credit card transaction.

Edit - others beat me to it, hehe.

thebaron
Premium Member
join:2003-12-09
Zegema Beach

thebaron to HiVolt

Premium Member

to HiVolt
said by HiVolt:

Would be cool if they could make a "Double sided" card... One side of the card would have the chip tied to your debit account, the other to your VISA account...

My BMO MasterCard is tied to my BMO bank account, same chip. If I say "Debit" they hit the debit button and it goes to my chequing account, if I say "Credit" it processes as a MasterCard transaction.

jmacd27
Premium Member
join:2001-05-13
Toronto, ON

jmacd27 to Anav

Premium Member

to Anav
I've the CIBC debit/Visa card for a year now. The debit works fine, but don't think this works everywhere like a regular Visa. It only works in a few Canadian online places, and almost no in store places as a Visa.

I gave up waiting for places to come online and haven't tried to use the Visa feature for several months. Things may have improved but at the time I got it last spring, only a few places in Canada existed that would take it either online or in person.

»dan.matan.ca/CIBC-Debit- ··· -Prepaid

HiVolt
Premium Member
join:2000-12-28
Toronto, ON

HiVolt to thebaron

Premium Member

to thebaron
said by thebaron:

My BMO MasterCard is tied to my BMO bank account, same chip. If I say "Debit" they hit the debit button and it goes to my chequing account, if I say "Credit" it processes as a MasterCard transaction.

Interesting, but some places don't have a cashier selectable option, they just auto-detect what card is put in... I wonder what part is selected automatically then, or does it pop up a choice for you?

Gone
Premium Member
join:2011-01-24
Fort Erie, ON

Gone

Premium Member

said by HiVolt:

Interesting, but some places don't have a cashier selectable option, they just auto-detect what card is put in... I wonder what part is selected automatically then, or does it pop up a choice for you?

When these dual-logo cards started showing up, we received all sorts of information from our provider outlining how they always default to debit before credit.
zod5000
join:2003-10-21
Victoria, BC

zod5000 to Anav

Member

to Anav
The only problem I run into is that merchants are the ones who usually tell the machine if your paying by debit or credit.

They see the VISA logo and they always press credit. Which means it gets rejected and they have to start the transaction over. I find myself proactively saying "its a debit card" quite alot now.

Hopefully once retailers get used to seeing the cards it'll get better. Currently the VISA logo on a debit card causes confusion.

Gone
Premium Member
join:2011-01-24
Fort Erie, ON

Gone

Premium Member

said by zod5000:

The only problem I run into is that merchants are the ones who usually tell the machine if your paying by debit or credit.

No they don't. All a retailer does is enter the amount to be charged, press OK and then the card is either swiped or inserted into the reader. I know this from personal experience having processed payments using dual logo cards from my own customers on more than a few occasions. There's no credit/debit selection to be made, the machine identifies the card automatically (and on our machine even displays your name across the top when you insert a chip card) and proceeds from there, and they default to Interac, and a Visa transaction is automatically rejected on terminals where Interac is available.

The only time one of these cards would ever go through as a Visa transaction in Canada is if the retailer had a machine that only accepted credit card payments and not Interac, which is pretty much unheard of. Knowing this, for point of sale the Visa logo means nothing in Canada as it will always go through as Interac, but these new cards are great for in the US.

FFH5
Premium Member
join:2002-03-03
Tavistock NJ

FFH5 to thebaron

Premium Member

to thebaron
said by thebaron:

My BMO MasterCard is tied to my BMO bank account, same chip. If I say "Debit" they hit the debit button and it goes to my chequing account, if I say "Credit" it processes as a MasterCard transaction.

Same here in US with my TD Bank card. Use in ATM or tell supermarket clerk it is debit(I would then have to use pin on machine at checkout). But if I say credit, I don't use pin# and it is charged as a VISA credit card purchase.

Of course I never use it for anything but an ATM card. I have a separate credit card from another bank that pays 1% cash back for most purchases and 3% cash back on gasoline purchases. Plus bonus cash back at certain retailers. Pay in full each month and apply credits to next months bill.

Gone
Premium Member
join:2011-01-24
Fort Erie, ON

Gone

Premium Member

said by FFH5:

Same here in US with my TD Bank card. Use in ATM or tell supermarket clerk it is debit(I would then have to use pin on machine at checkout). But if I say credit, I don't use pin# and it is charged as a VISA credit card purchase.

The difference here is that a Visa Debit transaction is automatically declined on a terminal that has Interac enabled. If it doesn't, something needs to be corrected on the provider side.

We got a rather long document about these hybrid cards when they first came out. Our machine doesn't even give you the choice and I would expect most others are the same. They are automatically done as Interac transactions. Interac, of course, costs significantly less in merchant fees than Visa transactions do, too (they're the second highest. Goes MC -> Visa ->->->-> Amex from least to most)

XT0RT
S3x, Drugs, War
join:2001-07-28
Edmonton, AB

1 edit

XT0RT

Member

said by Gone:

said by FFH5:

Same here in US with my TD Bank card. Use in ATM or tell supermarket clerk it is debit(I would then have to use pin on machine at checkout). But if I say credit, I don't use pin# and it is charged as a VISA credit card purchase.

The difference here is that a Visa Debit transaction is automatically declined on a terminal that has Interac enabled. If it doesn't, something needs to be corrected on the provider side.

We got a rather long document about these hybrid cards when they first came out. Our machine doesn't even give you the choice and I would expect most others are the same. They are automatically done as Interac transactions. Interac, of course, costs significantly less in merchant fees than Visa transactions do, too (they're the second highest. Goes MC -> Visa ->->->-> Amex from least to most)

To me, these VISA Debit cards are absolutely worthless. They are not accepted by hotels, online transactions (EBay, PayPal), and they are not a replacement for Interac which is what the retail outlets want you to use anyway. I cut mine up and threw it out after a week of having it.

It's a great solution if you live down in the US, but as long as Interac exists up here, they will never let you use a VISA Debit card for a credit card transaction.