When you open a checking account, the bank will more than likely issue you a bank card, also called a debit card. These cards allow you to make purchases anywhere you can use a credit card, in addition to allowing you to withdraw cash from an ATM. When the card is used as a debit card, the transaction will be reflected as a POS on your bank statement.
A POS situation on your bank statement is an abbreviation for point-of-sale and designates that a purchase was made using your debit card. Purchases recorded as point-of-sale mean that you entered your PIN number to authorize the transaction and therefore were possibly physically present for the purchase.
The main benefit of a POS, from a consumer point-of-view, is that the transaction is promptly replicated in your account's available balance. This can be advantageous if you are not industrious about tracking transactions on your account. If you do keep a correct ledger, the POS information will help with immediate reconciliation. If you tell the merchant that you wish to use the card as "credit" instead of "debit," still, the transaction might not be reflected on your account statement for several days.
The difference between "credit" or "debit" at the point-of-sale is important to a customer. When your bank card is used as a credit card transaction, the money might not be transferred from your account for days, depending on how the merchant procedures its transactions. Credit card transactions are protected by the same laws that protect traditional credit card users. If your card becomes lost or stolen and it is reported, you will not be liable for the credit transactions beyond that point. You can also take advantage of the credit card company's mediation services for any arguments you have with a merchant.
When a purchase is made as a debit transaction, the funds are directly transferred from your bank account. Most banks have a daily limit on debit transactions, so large purchases might be deteriorated. Inappropriately, debit card purchases are not endangered under credit card regulations when it comes to lost or stolen cards.
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