What is a VISA Check Card?
A Credit Union VISA Check Card is a convenient, quick, and easy way to access your share draft account without a checkbook, to make purchases or obtain cash at automatic teller machines (ATMs). It combines the convenience and acceptance of cash, the safety and economy of a share draft, and the speed of an ATM card. A VISA Check Card actually works like a share draft, giving you access to funds in your share draft account, without the hassle of writing a share draft or waiting for check approval.
How does it work?
Your Credit Union VISA Check Card is a welcome alternative to cash or share drafts at any merchant location worldwide that accepts VISA or any ATM location displaying the VISA logo. Instead of carrying cash or writing a share draft in the checkout line, simply give the merchant your VISA Check Card. You will sign a receipt to confirm the purchase and a copy of the receipt will be given to you for ease in record keeping. Use the receipt to record purchases or ATM cash advances made using your VISA Check Card, in you share draft register. The purchase amount will automatically be deducted from you share draft account balance and every transaction is detailed on your share draft statement.
What are the advantages of a VISA Check Card?
Unlike traditional share drafts, a VISA Check Card is hassle-free, providing an alternative to conventional share draft use. When you use a Credit Union VISA Check Card, there's no share draft to write. No checkbook or additional identification to carry
and no delays waiting for share draft approval. Whether it's taking care of your grocery list, filling up the gas tank, picking up a last minute birthday gift or paying for lunch in a restaurant, the Credit Union VISA Check Card is perfect for everyday purchases.
Is a VISA Check Card like a credit card?
No. With a credit card, you are actually borrowing money against an established line of credit, which you must repay, either all at once or in the form of extended payments. A VISA Check Card is another way to make your share draft account more flexible. When you make purchases or take an ATM cash withdraw with your VISA Check Card, you are accessing funds available in your share draft account. Transactions are automatically deducted from your share draft balance, so you must insure that sufficient funds are available in your share draft account for purchases or cash withdraws. No interest or finance charges are paid on VISA Check Card transactions.
Will the VISA Check Card eliminate share drafts?
Not necessarily. For some transactions, such as a mortgage payment, rent or other bills paid by mail, a share draft may be the easiest way to make the payment. Your VISA Check Card is not intended to completely eliminate the use of share drafts, but rather to be used to enhance your share draft account, giving you more flexibility and value-added convenience.