Recently , I went to the SBI ATM in the campus to draw about 500 bucks to get a track at a shop near Velachery. In fact , it is just below the TIME coaching class and for some inexplicable reasons is named Sperm . Without going on a tangent , the issue was that the ATM had cupped and I borrowed my friend's UTI bank ATM-cum-debit card. The guy at the shop accepted the debit card and he swiped it at the counter. To my amazement and horror it did not ask the PIN . I asked the guy and he said that the machine did not ask for any PIN. My friend and I just left without much delay and then this question surfaced - What if he loses the card and the finder swipes at it at will, since PIN is anyway not being asked ? Assume that he takes a few hours to discover the loss and block it. Those few hours could spell disaster. I later came to know that even ICICI cards do not need PIN . In my experience with SBI , I have always been requested to punch in the PIN .
I wish to know 3 things -
1) Is it absolutely mandatory to punch in the PIN everywhere ( for UTI/ ICICI ) and that this was a one-off incident ?
2) Is the requesting of PIN machine specific ?
3) In the unfortunate and foolish case of PIN not being asked , how do you safeguard against losses in the wake of a lost card ?
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6 comments:
I have used a Stan C Debit card.
Pin are not required for normal swiping. Pin is required only in ATMs.
Only way to safeguard against losses is to inform the bank as soon as possible after your card is lost.
Thats why its better to use a credit card.
Despite being a PSU, SBI still is the studdest and most user-friendly bank around. (only for personal banking, they are hajaar pain when it comes to loans)
I was surprised that they use a pin! Dont you sign the sheet after your transaction is done? Thats the only way to verify it is you.
SBI surely is a very good PSU :)
HDFC swipe wont ask for pin either.
SBI network is good but the service is typical govt ishtyle.
UTI is now Axis da. Title change pannu.
I use icici debit card... no pin!
Entering pin for a debit card is a big pain - Imagine sitting in a restaurant and you keep you card for bill. With a pin-enabled feature, you have to go with the waiter till the machine and enter the pin!
AFAIK, only Maestro cards have PIN-enabled feature. VISA electron cards don't have it.
Second K7 on Credit cards being more friendly.
yep for normal shopping very few cards ask for pin.
Agreed not the safest but the easier one.
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