DOCSLIB.ORG

Mastercard Rules

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

MasterCard Rules 15 May 2014 Notices Following are policies pertaining to proprietary rights, trademarks, translations, and details about the availability of additional information online. Proprietary Rights The information contained in this document is proprietary and confidential to MasterCard International Incorporated, one or more of its affiliated entities (collectively “MasterCard”), or both. This material may not be duplicated, published, or disclosed, in whole or in part, without the prior written permission of MasterCard. Trademarks Trademark notices and symbols used in this document reflect the registration status of MasterCard trademarks in the United States. Please consult with the Customer Operations Services team or the MasterCard Law Department for the registration status of particular product, program, or service names outside the United States. All third-party product and service names are trademarks or registered trademarks of their respective owners. Disclaimer MasterCard makes no representations or warranties of any kind, express or implied, with respect to the contents of this document. Without limitation, MasterCard specifically disclaims all representations and warranties with respect to this document and any intellectual property rights subsisting therein or any part thereof, including but not limited to any and all implied warranties of title, non-infringement, or suitability for any purpose (whether or not MasterCard has been advised, has reason to know, or is otherwise in fact aware of any information) or achievement of any particular result. Without limitation, MasterCard specifically disclaims all representations and warranties that any practice or implementation of this document will not infringe any third party patents, copyrights, trade secrets or other rights. Translation A translation of any MasterCard manual, bulletin, release, or other MasterCard document into a language other than English is intended solely as a convenience to MasterCard customers. MasterCard provides any translated document to its customers “AS IS” and makes no representations or warranties of any kind with respect to the translated document, including, but not limited to, its accuracy or reliability. In no event shall MasterCard be liable for any damages resulting from reliance on any translated document. The English version of any MasterCard document will take precedence over any translated version in any legal proceeding. Information Available Online MasterCard provides details about the standards used for this document—including times expressed, language use, and contact information—on the Publications Support page available on MasterCard Connect™. Go to Publications Support for centralized information. ©1969–2014 MasterCard. Proprietary. All rights reserved. BM 15 May 2014 • MasterCard Rules Summary of Changes, 15 May 2014 This document reflects changes associated with recent updates to the Rules. To locate these changes online, click the links in the following table. Description of Change Where to Look 5.4.2 High-Risk Payment Facilitators Chapter 5 Rule modified effective 15 November 2013; see “Revised Standards for Registration of Non-face-to-face Adult Content Merchants,” Global Security Bulletin No. 11, 15 November 2013. 5.9 Use of the Marks Chapter 5 Rule modified to clarify its applicability to any use of a Mark in advertising (not just acceptance advertising), and that the return of materials displaying the Marks when use has ceased upon Merchant Agreement termination is no longer required. 6.2 Issuer Responsibilities to Cardholders Chapter 6 Rule modified regarding its effective date; see “Clarification of Effective Date for Revised Standards for Issuer Responsibilities to Cardholders,” Canada Region Operations Alert No. 2, 12 March 2014 and Latin America and the Caribbean Region Operations Bulletin No. 2, 12 March 2014. 6.6.1 Prior Consent of the Corporation Chapter 6 Rule modified effective 1 November 2013; see “Revised Standards for Youth Card Programs,” Global Operations Bulletin No. 11, 1 November 2013. 6.13 Youth Card Programs, 6.13.1 Solicitation and Disclosure Requirements Chapter 6 New Rules effective 1 November 2013; see “Revised Standards for Youth Card Programs,” Global Operations Bulletin No. 11, 1 November 2013. 7.9 Registration Requirements for Type I TPPs Chapter 7 Rule modified to clarify that the AOC submitted by a Type I TPP must demonstrate compliance with the PCI Data Security Standard in accordance with the MasterCard Site Data Protection Program implementation schedule applicable to Level 1 Service Providers. 6.3 Limitation of Liability of Cardholders for Unauthorized Use Chapter 10 Rule modified effective 5 May 2014; see “Revised Standards for the Zero Liability Rule,” Canada Region Operations Alert No. 1, 30 January 2014. 5.1.2 Required Merchant Agreement Terms Chapter 14 Rule modified effective 11 June 2014; see “New Standards and Acquirer Best Practices Applicable to Information for Merchants,” U.S. Region Operations Bulletin No. 24, 12 December 2013. 5.3.3 Provide Information Chapter 14 Rule modified effective 11 June 2014; see “New Standards and Acquirer Best Practices Applicable to Information for Merchants,” U.S. Region Operations Bulletin No. 24, 12 December 2013. ©1969–2014 MasterCard. Proprietary. All rights reserved. MasterCard Rules • 15 May 2014 1 Description of Change Where to Look 5.4.1 Responsibility for Payment Facilitator and Sub-merchant Activity Chapter 14 Rule modified effective 11 June 2014; see “New Standards and Acquirer Best Practices Applicable to Information for Merchants,” U.S. Region Operations Bulletin No. 24, 12 December 2013. 5.5.2.1 Required Sub-merchant Agreement Terms Chapter 14 Rule modified effective 11 June 2014; see “New Standards and Acquirer Best Practices Applicable to Information for Merchants,” U.S. Region Operations Bulletin No. 24, 12 December 2013. 5.5.3 Obligations as Sponsor of Sub-merchants Chapter 14 Rule modified effective 11 June 2014; see “New Standards and Acquirer Best Practices Applicable to Information for Merchants,” U.S. Region Operations Bulletin No. 24, 12 December 2013. 5.11.1 Discrimination Chapter 14 Text from the U.S. Region chapter of the 9 August 2013 edition of the MasterCard Rules that had been inadvertently omitted from the 13 December 2013 edition has been reinstated. Europe Region Appendix A Single European Payments Area (SEPA) Macedonia is not within SEPA and has been removed from the list of SEPA countries; Hungary was mistakenly omitted and has been added. ©1969–2014 MasterCard. Proprietary. All rights reserved. 2 15 May 2014 • MasterCard Rules MasterCard Standards MasterCard is dedicated to making payments safe, simple and smart. We have a set of standards (“the Standards”) in support of this mission that provides our Customers with clear direction as to their responsibilities. The Standards include the information contained in this MasterCard Rules manual and other manuals, along with guides, bulletins and policies that may be updated from time to time. The Standards enable growth for MasterCard and for our Customers while ensuring integrity and reliability. They are developed under a set of principles that guide us in our actions and provide a framework under which we operate. MasterCard and its Customers: Uphold the value of the MasterCard brands as the choice of payment for consumers, businesses and merchants. Consumers, businesses and merchants have multiple payment options to use and to accept. MasterCard and its Customers operate so as to uphold the value of the MasterCard brands so that our products will be adopted and chosen by these end users. Act with financial integrity and in compliance with the Standards and the law. Operating programs in a manner that is financially sound, in compliance with the Standards and the law helps us manage risk to MasterCard and to our Customers. Engage in rigorous fraud management practices. Ensuring that transactions are conducted securely is of the utmost importance. MasterCard and its Customers leverage best-in-class technology and business practices in order to make transactions safe. Manage systems and programs to support interoperability. The ability to process transactions at a global and local level is a key feature of the MasterCard network. Customers manage their systems and programs to enable the seamless acceptance and processing of MasterCard transactions. ©1969–2014 MasterCard. Proprietary. All rights reserved. MasterCard Rules • 15 May 2014 1 Applicability of Rules in this Manual This manual contains Rules for the MasterCard, Maestro and Cirrus brands. The Rules relate to Activity conducted pursuant to a License that MasterCard grants to a Customer for use of one or more of these brands. If a particular brand or brands is not mentioned in a Rule, then the Rule applies to all three brands. This manual also contains Rules for the MasterCard Electronic and MasterCard Mobile brands. The Rules for these brands apply only to those Customers Licensed to use either or both of these brands. The below table describes the applicability of the Rules for particular types of Transactions. Please note that the term “POS Transaction” refers to a Transaction that occurs at a Merchant location, whether in a Card-present environment at an attended or unattended POS Terminal, or in a Card-not-present environment. In a Card-not-present environment, this may include electronic commerce (“e-commerce”), mail order, phone order, or recurring payment Transactions. Refer
Recommended publications
  • Mobile Banking

    Mobile Banking

    Automated teller machine "Cash machine" Smaller indoor ATMs dispense money inside convenience stores and other busy areas, such as this off-premise Wincor Nixdorf mono-function ATM in Sweden. An automated teller machine (ATM) is a computerized telecommunications device that provides the customers of a financial institution with access to financial transactions in a public space without the need for a human clerk or bank teller. On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smartcard with a chip, that contains a unique card number and some security information, such as an expiration date or CVVC (CVV). Security is provided by the customer entering a personal identification number (PIN). Using an ATM, customers can access their bank accounts in order to make cash withdrawals (or credit card cash advances) and check their account balances as well as purchasing mobile cell phone prepaid credit. ATMs are known by various other names including automated transaction machine,[1] automated banking machine, money machine, bank machine, cash machine, hole-in-the-wall, cashpoint, Bancomat (in various countries in Europe and Russia), Multibanco (after a registered trade mark, in Portugal), and Any Time Money (in India). Contents • 1 History • 2 Location • 3 Financial networks • 4 Global use • 5 Hardware • 6 Software • 7 Security o 7.1 Physical o 7.2 Transactional secrecy and integrity o 7.3 Customer identity integrity o 7.4 Device operation integrity o 7.5 Customer security o 7.6 Alternative uses • 8 Reliability • 9 Fraud 1 o 9.1 Card fraud • 10 Related devices • 11 See also • 12 References • 13 Books • 14 External links History An old Nixdorf ATM British actor Reg Varney using the world's first ATM in 1967, located at a branch of Barclays Bank, Enfield.
  • Paying for ATM Usage : Good for Consumers, Bad for Banks ?

    Paying for ATM Usage : Good for Consumers, Bad for Banks ?

    Munich Personal RePEc Archive Paying for ATM usage : good for consumers, bad for banks ? Donze, Jocelyn and Dubec, Isabelle Université des Sciences Sociales de Toulouse 16 September 2008 Online at https://mpra.ub.uni-muenchen.de/10892/ MPRA Paper No. 10892, posted 06 Oct 2008 00:09 UTC Paying for ATM usage: good for consumers, bad for banks? Jocelyn Donze∗and Isabelle Dubec† September 16, 2008 Abstract We compare the effects of the three most common ATM pricing regimes on con- sumers’ welfare and banks’ profits. We consider cases where the ATM usage is free, where customers pay a foreign fee to their bank and where they pay a foreign fee and a surcharge. Paradoxically, when banks set an additional fee profits are decreased. Besides, consumers’ welfare is higher when ATM usage is not free. Surcharges enhance ATM deployment so that consumers prefer paying surcharges when reaching cash is costly. Our results also shed light on the Australian reform that consists in removing the interchange fee. JEL classification: L1,G2 ∗TSE(GREMAQ); [email protected] †TSE(GREMAQ); [email protected]. 1 In most countries, banks share their automated teller machines (hereafter ATMs): a cardholder affiliated to a bank can use an ATM of another bank and make a “foreign with- drawal”. This transaction generates two types of monetary transfers. At the wholesale level, the cardholder’s bank pays an interchange fee to the ATM-owning bank. It is a compensa- tion for the costs of deploying the ATM and providing the service. This interchange system exists in most places where ATMs are shared.1 At the retail level, the pricing of ATM usage varies considerably across countries and periods.
  • Download (490Kb)

    Download (490Kb)

    i -------- ----------------------- --------- COMMISSION OF THE EUROPEAN COMMUNITIES * * * Directorate-General Information, Commun1cat1on, Culture * * * * a newssheet for journalists Weekly nu 31/90 8 - 15 October 1990 SUMMARY P. 2 CONSUMERS: Eurocheques in the dock The European Commission feels users have had a raw deal, especially in France. P. 3 TOURISM: Italy proposes it be included in the Treaty of Rome But the procedure is long and complex, even though it has majority support in the Council of Ministers. P. 5 IMMIGRATION: Integrating 8 million immigrants An experts• report suggests how it could be done. P. 7 ENERGY: Substantial savings durinq the 1980s ... but oil imports still accounted for 36% of consumption. P. 8 ENERGY: Revolutionary nuclear power stations for the year 2040 The European Commission proposes a new fusion programme. P. 9 TQ~RISM~_The charms of the cqgDsrysid~ Community action plan in favour of rural tourism. Mailed from: Brussels X The contents of th1s publ1cdt1on do not necessanly reflect tt>e off1c1al v1ews of the lllStltutlons of the Commun1ty Reprodurt1on authonzed 200 rucc de ICJl_ul • 1049 Brussels • Beig1um • Tel 235 11 11 • Te!ex 21877 COMEU B Eurofocus 31/90 2. CONSUMERS: Eurocheques in the dock The European Commission feels users have had a raw deal, especially in France. In 1989 some 42mn. Eurocheques were issued abroad, including 27mn. within the European Community, for a total value of ECU 5,000mn.*. Practical, guaranteed, accepted virtually everywhere, Eurocheques have been used in increasingly large numbers since the last 15 years. In 1984 the European Commission even granted Eurocheque International, which had launched the scheme, an exemption from the EC's very strict competition rules.
  • January / February 1995

    January / February 1995

    The Ecologist Vol 25 Nol January/February 1995 ^ J £3.50 (US $7) New- Diseases - Old Plagues Who's Behind the Ecolabel? Mexico - Wall Street on the Warpath Oestrogen Overdose Ozone Backlash ISSN DEbl-3131 0 1 > The Unsettling of Tibet 770261"313010 Housing Plans and Policies ONA ODERN ANET RICHARD D NORTH 'Richard D North has long been one of the best informed and most thought provoking writers on the whole nexus of environmental and develop­ ment issues. This sharp and intelligent book shows North at the top of his form, arguing convincingly that concern about the future of our globe does not require you to be a modish ecopessimist. It comes like a sunburst of rational optimism and commonsense.' CHRISTOPHER PATTEN Governor of Hong Kong and former Secretary of State for the Environment (1989-1990) The Ecologist is published by Ecosystems Ltd. Editorial Office and Back Issues: Agriculture House, Bath Road, Sturminster Newton, Dorset, DT10 1DU, UK. Tel: (01258) 473476 Fax: (01258) 473748 E-Mail [email protected] Subscriptions: RED Computing, The Outback, 58-60 Kingston Road, New Maiden, Surrey, KT3 3LZ, United Kingdom Tel: (01403) 782644 Fax: (0181) 942 9385 Books: WEC Books, Worthyvale Manor, Camelford, Cornwall, PL32 9TT, United Kingdom Tel: (01840) 212711 Fax: (01840) 212808 Annual Subscription Rates Advertising Contributions £21 (US$34) for individuals and schools; For information, rates and booking, contact: The editors welcome contributions, which Wallace Kingston, Jake Sales (Ecologist agent), should be typed, double-spaced, on one £45 (US$85) for institutions; 6 Cynthia Street, London, N1 9JF, UK side of the paper only.
  • The Salience Theory of Consumer Financial Regulation

    The Salience Theory of Consumer Financial Regulation

    University of Pennsylvania Carey Law School Penn Law: Legal Scholarship Repository Faculty Scholarship at Penn Law 8-1-2018 The Salience Theory of Consumer Financial Regulation Natasha Sarin University of Pennsylvania Carey Law School Follow this and additional works at: https://scholarship.law.upenn.edu/faculty_scholarship Part of the Banking and Finance Law Commons, Consumer Protection Law Commons, Economic Policy Commons, Finance Commons, Finance and Financial Management Commons, Law and Economics Commons, Law and Society Commons, and the Policy Design, Analysis, and Evaluation Commons Repository Citation Sarin, Natasha, "The Salience Theory of Consumer Financial Regulation" (2018). Faculty Scholarship at Penn Law. 2010. https://scholarship.law.upenn.edu/faculty_scholarship/2010 This Article is brought to you for free and open access by Penn Law: Legal Scholarship Repository. It has been accepted for inclusion in Faculty Scholarship at Penn Law by an authorized administrator of Penn Law: Legal Scholarship Repository. For more information, please contact [email protected]. THE SALIENCE THEORY OF CONSUMER FINANCIAL REGULATION Natasha Sarin* August 2018 Abstract Prior to the financial crisis, banks’ fee income was their fastest-growing source of revenue. This revenue was often generated through nefarious bank practices (e.g., ordering overdraft transactions for maximal fees). The crisis focused popular attention on the extent to which current regulatory tools failed consumers in these markets, and policymakers responded: A new Consumer Financial Protection Bureau was tasked with monitoring consumer finance products, and some of the earliest post-crisis financial reforms sought to lower consumer costs. This Article is the first to empirically evaluate the success of the consumer finance reform agenda by considering three recent price regulations: a decrease in merchant interchange costs, a cap on credit card penalty fees and interest-rate hikes, and a change to the policy default rule that limited banks’ overdraft revenue.
  • The Shadow Economy in Norway: Demand for Currency Approach

    The Shadow Economy in Norway: Demand for Currency Approach

    MEMORANDUM No 10/2004 The shadow economy in Norway: Demand for currency approach Isilda Shima ISSN: 0801-1117 Department of Economics University of Oslo This series is published by the In co-operation with University of Oslo The Frisch Centre for Economic Department of Economics Research P. O.Box 1095 Blindern Gaustadalleén 21 N-0317 OSLO Norway N-0371 OSLO Norway Telephone: + 47 22855127 Telephone: +47 22 95 88 20 Fax: + 47 22855035 Fax: +47 22 95 88 25 Internet: http://www.oekonomi.uio.no/ Internet: http://www.frisch.uio.no/ e-mail: [email protected] e-mail: [email protected] List of the last 10 Memoranda: No 09 Steinar Holden. Wage formation under low inflation. 22 pp. No 08 Steinar Holden and Fredrik Wulfsberg Downward Nominal Wage Rigidity in Europe. 33 pp. No 07 Finn R. Førsund and Michael Hoel Properties of a non-competitive electricity market dominated by hydroelectric power. 24 pp. No 06 Svenn-Erik Mamelund An egalitarian disease? Socioeconomic status and individual survival of the Spanish Influenza pandemic of 1918-19 in the Norwegian capital of Kristiania. 24 pp. No 05 Snorre Kverndokk, Knut Einar Rosendahl and Thomas F. Rutherford Climate policies and induced technological change: Impacts and timing of technology subsidies. 34 pp. No 04 Halvor Mehlum, Edward Miguel and Ragnar Torvik Rainfall, Poverty and Crime in 19th Century Germany. 25 pp. No 03 Halvor Mehlum Exact Small Sample Properties of the Instrumental Variable Estimator. A View From a Different Angle. 14 pp. No 02 Karine Nyborg and Kjetil Telle A dissolving paradox: Firms’ compliance to environmental regulation.
  • Submission to the Reserve Bank of Australia Response to EFTPOS

    Submission to the Reserve Bank of Australia Response to EFTPOS

    Submission to the Reserve Bank of Australia Response To EFTPOS Industry Working Group By The Australian Retailers Association 13 September 2002 Response To EFTPOS Industry Working Group Prepared with the assistance of TransAction Resources Pty Ltd Australian Retailers Association 2 Response To EFTPOS Industry Working Group Contents 1. Executive Summary.........................................................................................................4 2. Introduction......................................................................................................................5 2.1 The Australian Retailers Association ......................................................................5 3. Objectives .......................................................................................................................5 4. Process & Scope.............................................................................................................6 4.1 EFTPOS Industry Working Group – Composition ...................................................6 4.2 Scope Of Discussion & Analysis.............................................................................8 4.3 Methodology & Review Timeframe.........................................................................9 5. The Differences Between Debit & Credit .......................................................................10 5.1 PIN Based Transactions.......................................................................................12 5.2 Cash Back............................................................................................................12

  • Account Rules and Regulations

    Account Rules and Regulations Agreement and Disclosure of Share and Deposit Account Rules State Employees’ Credit Union 21 ACH Transactions Account Rules and Regulations 21 Federal Wire Transfers Agreement and Disclosure of Share and Deposit Account Rules 22 Other Electronic Transfers 23 When Funds Are Available for Withdrawal Table of Contents 23 Your Ability to Withdraw Funds 23 Longer Delays May Apply 1 Understanding Your SECU Share and Deposit 24 Special Rules Accounts 25 Holds on Other Deposited Funds 1 State Employees’ Credit Union Member 25 Electronic Direct Deposits Identification Notice 2 General Provisions 26 Substitute Check Policy Disclosure 26 Substitute Checks and Your Rights 5 Truth-In-Savings Disclosure 5 Rate Information 27 Deposits to and Withdrawals from Your Account 6 Compounding, Crediting, and Accrual of 27 Deposits Dividends or Interest 28 Collection of Items 6 Balance Information 29 Negative Balance 8 Fees 30 Checks and Other Withdrawals 9 Transaction Limitations 30 Stale and Post-Dated Items 9 Share Term Certificates (STCs) 30 Stopping Payment on Checks 31 Cashier’s Checks 11 Rules for Specific Account Ownerships, 32 Account Balance and Posting Order Beneficiaries, and Designees 35 Overdraft Transfer Service 11 Account Ownership 36 Checking Account Non-Sufficient Funds 11 Joint Accounts 38 Notice of Negative Information 13 Payable on Death Accounts 13 Uniform Transfers to Minors Act Accounts 38 General Account Terms 14 Personal Agency Accounts 38 Statements 14 Powers of Attorney 40 Communications with SECU 15
  • A Study on Debit Cards

    A Study on Debit Cards

    Dr. Yellaswamy Ambati, International Journal of Research in Management, Economics and Commerce, ISSN 2250-057X, Impact Factor: 6.384, Volume 08 Issue 02, February 2018, Page 248-253 A Study on Debit Cards Dr. Yellaswamy Ambati (Lecturer in Commerce, TS Model Junior College, Jangaon, Warangal, Telangana State, India) Abstract: A Debit Card is a plastic payment card that can be used instead of cash when making purchases. It is also known as a bank card or check card. It is similar to a credit card, but unlike a credit card, the money comes directly from the user's bank account when performing a transaction. Some cards may carry a stored value with which a payment is made, while most relay a message to the cardholder's bank to withdraw funds from a payer's designated bank account. In some cases, the primary account number is assigned exclusively for use on the Internet and there is no physical card. In many countries, the use of debit cards has become so widespread that their volume has overtaken or entirely replaced cheques and, in some instances, cash transactions. The development of debit cards, unlike credit cards and charge cards, has generally been country specific resulting in a number of different systems around the world, which were often incompatible. Since the mid-2000s, a number of initiatives have allowed debit cards issued in one country to be used in other countries and allowed their use for internet and phone purchases. Keywords: Debit Card, Credit Card, ATM, Bank, Master Card I. INTRODUCTION Debit cards are a great way to get more financial freedom without the risk of falling into debt.
  • Recent Developments in UK Payment Clearing Systems

    Recent Developments in UK Payment Clearing Systems

    Recent developments in UK payment clearing systems The past three years have seen a major reorganisation of the administration of the London-based payment clearing systems. The most significant and far-reaching development has been a change from a system run by a smaff number of large 'clearing' banks to one owned and controffed by a wider membership and open to any appropriately regulated financial institution which meets explicit and objective criteria for entry. This article describes this new structure, and touches upon some other payment system developments in the United Kingdom. The need for change money transmission services have not been able to enter the market on equitable terms, the government should A payment clearing system has existed in London for then consider whether the joint ownership of the clearing some two hundred years and for much of that time it has systems for cheques and electronic payments by the been based in premises known as the Bankers' Clearing members of the CLCB ...is stit! appropriate'. House. For many years this institution was owned and controlled by the major retail banks through the The outcome of this growing pressure was agreement, in Committee of London Clearing Bankers (CLCB). March 1984, by all ten participating banks(4)in the Bankers' Participation in the clearings was also granted to other Clearing House to set up a working party of senior bankers banks, including the Bank ofEngland in 1864, the under the chairmanship of Denis Child, Director and Co-operative Bank and the Central Trustee Savings Bank Deputy Group ChiefExecutive of National Westminster in 1975 and the National Girobank in 1983, but these Bank, to review the organisation, membership and control banks did not share in the ownership of the Clearing of the payment clearing systems in the United Kingdom.
  • Recent Developments in Electronic Money

    Recent Developments in Electronic Money

    Deutsche Bundesbank Monthly Report June 1999 Recent The use of electronic money in non- developments in banks' payments poses a series of ques- tions to monetary policy. These issues electronic money were already presented in detail and discussed in an earlier Monthly Report of the Deutsche Bundesbank. 1 This art- icle is a follow-on to the earlier Report and deals with current trends in elec- tronic money. In the meantime, initial experience has been gained concern- ing its use in over-the-counter (OTC) trade in Germany; it has not been used as frequently as was originally expect- ed. However, with the development of electronic commerce on the Internet, new uses for electronic money are emerging. Theoretical considerations indicate that electronic money will most likely assume the role of a pay- ment medium for small amounts. 2 However, one cannot rule out the pos- sibility that, in the foreseeable future, the potential for the use of electronic money will be capitalised on more strongly than in the past. This is borne out by network effects in OTC trade and the lack of alternative payment in- struments with similar features on the Internet. Thus, electronic money may potentially present new challenges to monetary policy. It is therefore appro- priate to set clear rules governing the issuance of electronic money. 1 Deutsche Bundesbank, Monetary policy and payment systems, Monthly Report, March 1997, pages 33 to 46. 2 See: G. Kabelac (1999), Network money as a medium of exchange, Discussion paper 5/99, Economic Research Group of the Deutsche Bundesbank, to be published shortly.
  • Debit Card Faqs

    Debit Card Faqs

    Debit Card FAQs Where can I use my VISA Debit Card? Anywhere VISA is accepted, or at any locations participating in CO-OP, PLUS, or STAR ATM Networks. Where will funds be deducted from when I use my card? Point of sale transactions will be deducted from your checking account. ATM withdrawals can be completed from either your checking, primary share savings, or Money Market accounts (Money Market access must be requested). Are there limits to how much I can spend using my card? Yes. Daily use limits are: $500 for ATM’s and other cash advance transactions; $2,000 for point of sale and signature based transactions. Can I incur non-sufficient funds or overdraft fees by using my card? Yes, a NSF or overdraft fee applies for each attempt by a merchant for recurring transactions if your available balance is insufficient. Your available balance includes your actual balance less any holds and temporary debit authorizations (which may be more than the actual amount of your purchase). * What other fees might I incur? . There is a fee to block or unblock your card.* . Owners of foreign ATMs (not owned by VCCU) may impose a surcharge if you use their ATMs. If you conduct transactions with merchants in other countries, an international transaction fee may be charged. The amount will vary and is based on the fee charged by the merchant’s network. Money Market debits in excess of 3 per month incur a fee* There is no surcharge at ATMs that are part of the CO-OP Network. There are never any ATM usage fees to use our ATM, located at the address listed below.