Woburn Municipal FCU

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Debit or Credit?
Where Is My Monthly Statement

When Using Your MasterMoney/MAC Card Is There A Difference Between "Debit" or "Credit?"

Members often 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.

Here’s The Difference.
If you say "debit," the transaction is processed through the MAC/ATM network, and you must use your Personal Identification Number (PIN).

If you say "credit," the transaction is processed through the MasterCard network.

It all depends on your preference. But, here’s 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.

It’s Still Your Money
However, no matter how you respond – "debit" or "credit" – the purchase will deduct from your Share Draft/Checking Account. So don’t worry, if you say "credit," the purchase will NOT get billed to a credit card.

Where Is My Monthly Statement?

You 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!




Federally Insured By NCUA