Now-a-days it is common to have a debit card for easy cash withdrawal round the clock(Subject to the cash availability in the ATM Machine). Most Banks offer ATM-Cum-Debit card at the time of account opening in their respective banks.
Why Banks offer Debit cards?
In olden days cash transactions are done through Teller(Cashier)counter. As population increases there is spike in transaction rate, thereby increase the burden on Bank employees. To avoid heavy rush in the bank premises banks offer free ATM-Cum-Debit card to their respective customers. Once this card can be availed, customer can withdraw cash 24*7 as per the transaction limit of the debit card. There are enormous benefits to the customers by availing ATM card(To swipe at POS Machine. To do online transactions, Cash withdrawal at any bank ATM outlets- subject to free transaction limits specified by the banks)
Flip side of ATM Card–
Though ATM Card is offered free of cost at the time of a/c opening, this “Free” is applicable for the first financial year, afterwards 147-150rs(Varies between banks)would be charged as “ATM Annual Fee”. Besides this, transaction charges would be applicable for financial and non-financial transactions as specified by banks from time-to-time.
If you are concerned about the transaction charges, for more details, visit your respective Bank website under “Services” column or at citizen charter chart at your Bank premises.
Safety Tips to be followed while using ATM Card-
As Technology grows, there is equal chances of ATM Fraud at the respective ATM Machines.
1.Don’t disclose your ATM PIN to anyone
2.Cover Keypad with your hand while entering PIN.
3.Tear-off the transaction slip after verifying the transaction details.
4.Make sure no one is following you in the ATM Counter.
5.Click “Cancel” button after completion of your transaction
- Don’t speak loudly on ATM PIN, OTP(some banks like SBI offers OTP) to complete the transaction
- Don’t give card to a stranger to complete the transaction as they will misguide you.
- Avid Counting money in front of strangers
- Don’t disclose OTP to anyone via phone while doing online transactions.
- Avoid using debit card at Public outlets as they may be scammed by fraudsters.
- Don’t disclose your PIN, CVV, OTP over phone especially to third-parties.
By following all these steps, You may be prevented from frauds. Banks follow Caveat-Emptor(let the customer be aware)of all these guidelines by frequently informing the customers on Do’s and Don’ts at the citizen charters as well as on their respective websites. So be aware!!!.