EMV Chip Debit Cards

SVCU can create a debit card for you at our branch at 500 Main Street in Saco for your convenience. If a branch isn't convenient for you, we can mail it to the address on your account. So whether you just opened a checking account, or the card was lost, stolen or damaged, you can rest assured you will have debit access to your cash in no time!

When a merchant asks you debit or credit, they aren't necessarily asking what type of card you have, but how you want the transaction to be processed. By selected debit, you may be prompted to input your PIN, and the funds will be immediately debited from your account. By selecting credit, you won't be asked for your PIN, and it will process as a credit transaction. Because you aren't inputting your PIN into the merchant terminal, a credit transaction is more secure.

A debit card is a card that is associated with your checking account. The purchases on your debit card will be withdrawn from your checking account within a day or two (depending on the merchant). A credit card is a card associated with a line of credit that you borrow against. You will receive a monthly statement with any credit card activity and be required to make payments on any balance that you have. Example: John goes to the store and buys a pair of shoes with his debit card. Within 24 hours, the money is transferred out of John’s account and into the stores bank account. Likewise, Sally purchases a new outfit with her credit card. Sally’s checking account doesn’t change, but she receives a credit card statement at the end of the month that shows the amount of the outfit (the amount she needs to pay back). She then has a period of time to make at least the minimum required payment. If she doesn’t make a payment within the allotted time frame, the bank or credit union will notify the credit reporting agencies and Sally’s credit score will likely go down. If Sally makes the minimum payment, the remaining balance will begin accruing interest and Sally will be responsible for paying both the balance and the interest. Sally can also pay off the full balance when she receives the statement, and will not have to pay any interest.