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Apple Pay Now Available at Nearly 16,000 Cardless Chase ATMs
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You do when you flash a black card walking to a private jet. Lol talk about thread hikackingyou don't get the girls all flustered by flashing a debit card at them...
I keep 2k cash around all the time just for emergencies. Always have 200 in cash on.me at all times. Some purchases don't need a record of it.
There's nothing my debit card can do that I can't do with my phone using this new technology. Most debit cards work on the Visa/Mastercard systems are are unsecured in the sense that someone can use like as a credit card without a PIN and drain your account.
You'll probably get your money back, but have fun with that. There's no reason to use a debit card for anything other than ATMs, and this technology solves that problem.
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No, that's not how any of this works. You don't enter anything on your device--it just allows you access to use the ATM. The PIN is entered on the ATM, and the transaction is conducted on the ATM.
And all of those steps are gone if you use the Apple Watch. Double click the side button and hold your wrist to the ATM. That's it, you can now use the ATM like normal.
This is probably really helpful in avoiding the card skimmers that keep getting more sophisticated on ATM machines. Even with entering a PIN, that's a benefit in and of itself.
Plus, if I recall correctly, when you use Apple Pay, the cards generate unique codes each time, rather than providing your actual credit/debit card number, so if the machine itself gets hacked, they don't get your card number, just the one-time use code that can't be used again (I may be misremembering this, or it may only be with certain cards, but I definitely recall that being a distinct advantage of using tap-to-touch over swiping a card).
Possibly, and I also suspect (as someone else said) that the back-end transaction processing systems expect a PIN -- so for the time being new replacement technologies will also require a PIN. Large multicompany systems evolve slowly.
I posted earlier comparing my experience with credit card fraud with a coworker's experience with having her debic card compromised. tl;dr version is it didn't cost either of us monetarily but it did cost her hours on the phone straightening out the cascade of bounced payments already in flight when her account was emptied.
This is really why I strive to never carry or use my debit card except when absolutely necessary such as seeing a human teller inside a branch or making a check deposit in excess of my mobile-deposit limits. My checking account is the nexus of most of my financial transactions with quite a few transactions in and out of the account in any given week. Having that compromised is a fairly high impact even if the fraud protections keeps it from costing me money.
In contrast, if a credit card gets compromised I simply use one of my other cards. Within two days I have a new card # for the compromised card. I might have to remember to change the card number when I next pay my cellphone bill or water bill or whatnot but there's no urgency on that. (I eschew auto-pay as much as I can).
Close. With ApplePay, when you set up a card in your phone it gets a unique card number from the card issuer that is specific to that phone and is different from your actual card number. Then when you use the card in Apple Pay there's a unique one-time-use token passed through the system. That is what protects against someone picking up the card info in transit. Apple has a white-paper on the details of all this, it's a neat read -- the system is very secure reltaively speaking.
So happy my chase adopted cardless access, I use it with my phone whenever I use the ATM. Great to know that even if I leave my wallet at home I'd still be able to grab cash in a pinch.
I did this today for the first time. It seemed quicker and more streamlined than physically handling a card.
No, I don’t think so. It was until recently a completely offline app, which I prefer. Actually part of the point for me is to keep records of my accounts separately from my banks, to be able to easily spot any mistakes on their part.
Unfortunately, I don’t see Apple ever giving third party apps access to AP transaction info. And I don’t see Apple ever making a first party checkbook app.
Yes - this is the principal reason why I only ever use my "debit" card as an actual ATM card/at the bank for banking transactions. I never use it to make purchases. Even if you get your money back at the end of the day, if your credit card is breached, it's the credit card company that has lost money while you sort out the mess - you are never "out" the money. With a debit card, it's your actual bank account that has been depleted of funds, even if it's just for a short period of time. While some people have enough money, or enough separate accounts, to weather that kind of event, that has real world consequences for many, from an inability to pay bills that are due to accumulating overdraft fees and a massive hit to your credit score.
Heck, I'm a lawyer, and I used to work for a fancy pants law firm, and one of the partners I worked for had her AND her (also a law firm partner) husband's separate accounts hacked - a series of ATMs were hit with skimmers on the upper east side of Manhattan years ago near where they lived and a whole bunch of people in their neighborhood got hit. Even better - they had just transferred a whole lot of money into their accounts because their kids' annual private school tuitions were due that week*. Between the two of them, they lost over $40,000 in one day. They got it all back eventually, but it was a MESS.
This is one of the reasons I try to only ever use the ATMs INSIDE my bank branch (there's a branch on the corner near my apartment, so...easy), and I get push alerts on my phone every time I make a transaction for ANYTHING.
*I think the thieves knew what they were doing here on multiple levels.
Yes, skimmers are an issue even with the steps places have taken.
This is why I really like the WellsFargo "card-free ATM" setup -- their phone app obtains a one-time-use good-for-30-minutes eight-digit code you enter into the ATM, followed by your PIN. No card, no risk of a skimmer. At this point, the *only* time I actually need my WF card is when I go see a human teller inside a branch.
I expect this is also much of why Chase is doing this -- the more customers who use this cardless method to access the ATM, the lower their liability when someone does succeed in putting a skimmer on their ATM.
Well, yeah. Go where the money is. Target the communities where folks are more likely to have five-digit balances instead of the communities where folks likely have two-digit balances.
Every Friday morning, I pull a week's worth of cash out of my local ATM. The cash lasts me a week. So if the power goes out, I can spend (while everyone else cannot). And trust me - when the power goes out, retailers LOVE me because my cash helps them make money during down times.
Where do you live where power goes out so often like this? I’m here in AZ with no natural disasters and barely ever any power outages. Also I can still spend, ATMs have battery backups too. So do point of sale terminals, with working CC processing.