Hampton V. A. FCU
P.O. Box 37
Hampton, VA 23669
757.723.8842
www.hvafcu.org

Introducing the new debit card from HVAFCU

The MasterMoney® Debit Card

Now you can use a card just like a check at any establishment showing the MasterCard® Debit Card logo. Use your check card as you would a credit card, with the sale amount being deducted from your checking account. It's quick, convenient, and safe! To help answer some of your questions about our MasterMoney® debit card, here are some quick answers to your questions:

Q. How do debit cards actually work?

A. Debit cards use the same technology as the credit card network. Debit cards use your checking account balance instead of your credit limit to approve your purchases; however, the purchase amount will not be subtracted from your checking balance immediately.  Merchants have a few days to submit their "charge receipts" which mean you may have some "float time" before your purchases are actually deducted from the checking balance.  The network will keep track of purchases you make with the card, but you need to be careful you don't make too many "in person" requests for cash before your purchases can settle.

Q. Can the cashier at the store see my balance?

A. No. The balance you have in your account is between you and the credit union. Your purchase will only be noted on your transaction sale receipt that you sign. It will not show a balance on your account at all. Additionally, there is no notation of your account number or any reference at all to your account on the receipt.

Q. Are there any fees to use the MasterMoney® card?

A. Sometimes. If you want to make a purchase with your card, select the "credit" option on the keypad and the network fee will be covered by the merchant.  Choose "debit" and the $1.00 network fee will be added to your purchase.  Additionally, you will pay a $1.00 network fee if you use your debit card at an ATM that is not owned by Hampton V. A. Federal or that is not part of the Service Center Network.   Some ATM owners surcharge non-customers who use their machines.  By law, they must let you know if a surcharge will be imposed before you can complete the transaction.  So, be sure to read the screen.  

Q. Will I still be able to use my ATM card to make purchases?

A. Yes. The current ATM card uses the Accel/Exchange?® and CU-24 POS network to approve point of sale purchases. Unlike the debit networks, the ATM networks settle immediately.  That means transactions initiated with the ATM card are deducted from your account balance in real time. A $1.00 network fee will be added to each point-of-sale purchase.

Q. What's the big difference between the ATM and the Debit card if I can make purchases with my ATM, and I can use the Debit card like an ATM card?

A. The debit card is accepted at more locations because of the MasterCard® logo.  You may use your MasterMoney® check card in a restaurant or at the mall. Also the ATM network limits point-of-sale and cash withdrawal transactions to $300 per day.  The MasterMoney® debit card has separate limits for ATM withdrawals and point of sale purchases.

Q. How do I qualify for the new MasterMoney® debit card?

A.  To be approved you must have an open credit union checking account, with no more than 2 returns for insufficient funds in a 12 month look-back period. New members will be subject to screening by Certegy Check Services before account opening.  Also, debit card applicants will need a credit score of at least 600.  Each approved applicant will receive an overdraft protection line of credit of at least $1000.00.  Rates discounts are available on the overdraft protection loan account if the member agrees to Direct Deposit of the net pay and repays the overdraft loan via payroll deduction.

Q.  Can I use my new MasterMoney® debit card online?

A.  Yes.  However, we suggest you register you card with Mastercard® Secure Code for an added level of security before you do.

Q. What if I have more questions?

A. Call the credit union at 757-723-8842 or stop by Bldg. 28. We're here to help.