Personal Identification Number
- A numeric pass code that is selected by an account holder and is used with a bank card to access his or her bank accounts through banking or Interac machines. A PIN is unique to the account holder, should be kept confidential, and generally consists of four to six digits.
password, security code, security number, secret passcode, pin number
Related Terms and Acronyms
- Automated Teller Machine (ATM) — Acronym, Canada,
➥ See also Automated Banking Machine (ABM).
- A terminal activated by a magnetically encoded card that allows customers of a bank or other financial institution to conduct everyday banking tasks such as deposits, withdrawals and transfers between accounts. An interconnection of these terminals allows customers to conduct certain transactions around the nation and the world; usually subject to a surcharge fee.
- Credit Card (CC) — Acronym, Very Important,
➥ A payment card that gives customers access to a revolving line of credit.
- A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
- Debit Card (DC) — Acronym, Important,
- A payment card that is linked directly to a customer's bank account. Some cards require a personal identification number. Others require a customer's signature. A PIN-based or direct debit card removes a purchase price from a customer's chequing account almost immediately. A signature-based or deferred debit card has a Visa or MasterCard logo and removes the purchase price from a customer's bank account in two or three days.
- Interac — Definition,
- Canada's largest shared network of ATMs. It allows cardholders to access their accounts from any ATM on the network regardless of which financial institution owns the machine.
- Interac Direct Payment (IDP) — Acronym,
- A method of paying for goods and services electronically with the funds taken immediately and directly from your bank account and transferred directly into the merchant's account. You use your banking card to do this.
- Offline Debit Card — Definition,
- A card with traits from both ATM cards and credit cards (usually VISA or MasterCard). Banks issue this type of card either instead of or in addition to an ATM card. The card can be used anywhere the VISA or MasterCard logo is displayed, but a line of credit is not accessed -- the customer's chequing account is debited. It is "offline" because the account is not directly accessed -- there is a delay of 24 to 72 hours before the debit is made in the account. If you sign a slip of paper to complete the transaction, it is offline. In the Canada, a Personal Identification Number (PIN) may be required to use an offline debit card.
- Point of Sale (POS) — Acronym,
- An electronic payment system for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from a customer's chequing account. Also known as POS.
- A location where a sales transaction takes place.
- Rebate Card — Definition,
- This is a credit card that allows the customer to accumulate cash, merchandise or services based on card usage.
- Smart Card — Definition,
- A card with an embedded computer chip which stores more information, performs more functions and is more secure than a credit card or debit card.
- Standard Card — Definition,
- The basic card offered by issuers. Customers with higher incomes and good credit reports can qualify for the higher-limit gold and platinum cards.