Woburn Municipal FCU
Using Your MasterMoney/MAC Card Is There A Difference Between "Debit"
ask if it makes a difference whether they say "Debit" or "Credit"
when they use their MasterMoney/MAC Card to make purchases. The answer
is: "Yes. There is a difference."
The answer "Debit" or "Credit" determines how the
transaction will be processed.
If you say "debit," the transaction is processed through the
MAC/ATM network, and you must use your Personal Identification Number
If you say "credit," the transaction is processed through the
It all depends on your preference. But, heres a member-friendly
tip: If you choose "credit," it actually helps your Credit Union
and other members because MasterMoney transactions are more efficient
for the Credit Union.
Sometimes, however, saying "credit" is not the better answer.
At some service stations that have a "cash" and a "credit"
price, choosing "credit" will tell the system to charge you
the credit card price a usually higher price. In such a situation,
choose "debit" and enter your PIN.
Still Your Money
However, no matter how you respond "debit" or "credit"
the purchase will deduct from your Share Draft/Checking Account.
So dont worry, if you say "credit," the purchase will
NOT get billed to a credit card.
Where Is My Monthly
never think you need to save your monthly statements until you need them.
And today, you need them more than you realize.
Did you realize that your monthly statement is your MasterMoney Debit
Card protection for online and telephone purchases. When you use your
MasterMoney Debit Card at a store, you have your receipt and the transaction
information. But what about when you order from that catalog by phone?
Where is your record? What if you have to send it back? What if you never
receive it? How do you prove you ordered it? How do you verify that your
account was debited for the transaction? With your monthly statement!
Your Credit Union monthly statement lets you
reconcile your purchases with
that monthly statement.
It protects your MasterMoney Debit Card purchases.
There are many other reasons to keep your statements, all of which go
along with good record keeping. ATM deposits and withdrawals are recorded
there. Checks and their paid date are recorded there.
We recommend that you keep your monthly statements for at least one year.
You might need them for your income tax too!