EFTPOS and US

Professor Smarmiarty · 10-22-2008, 12:25 AM

SO got a month to go before my big move overseas and I'm sorting out banks and finances and I heard from some people that EFTPOS type systems are nowhere near as common in the US as they are over here where every store imagineable has them and they free to use and noone uses cash anymore.
Apparentely it's highly cash and credit based. Is this true? It sounds a bit archaic and will be problematic.

phil_ · 10-22-2008, 12:30 AM

I believe, as a United Statesian, that my "EFTPO-wha?" is highly informative regarding this matter.

But, why leave the chance that you won't understand when I can write that I've never heard of EFTPOS and have no idea what it is? Is that one of your fancy Euro conspiracies or something?

Zilla · 10-22-2008, 01:28 AM

yeah, I have no idea what you're talking about.

Here, it's cash, credit, debit, or checks. Credit and debit are interchangable for the most part. Checks are going out of style, being replaced with debit/credit cards.

What's archaic about debit cards? What do you have, a credit-stick and those crazy thumb-scan-ID machines? :P

Jagos · 10-22-2008, 01:33 AM

Electronic Fund Transfer Point of Sale - Card

Which means, you have a debit card dude.

Yes, Zilla is accurate. Have fun in Walmart with your money. ATMs will be your friend as well. If you need a bank, it depends on where you go. What part of the US are you going to? I might be able to recommend a few national banks with less problems.

Griever · 10-22-2008, 01:36 AM

Electronic Fund Transfer Point of Sale is what he means. The jist of it is you swipe a debit card at the register and your Bank Account gets hit immediately. But yeah it's all Cash and Credit cards in the US. Though you can use Debit cards, in some banks cases those have usage charges though.

Edit:Ninja'd knew I should have refreshed.

Zilla · 10-22-2008, 01:36 AM

From what I hear, Wells Fargo is fine, and I'm lucky that I just happened to bank with them... being from Fargo and all... :P I hear Wachovia, Washington Mutual (or WaMu), and citibank are some of the suspected ones. I don't think you'll need to do much banking while you're here, but I've never been outside the country before so I'm not sure how money works like that...

Edit for ninja: I wasn't aware of any usury charges on debit cards, I use mine without any... Also, EFTPOS sounds to be pretty much debit cards, except are you saying that the money is taken out exactly at the time you swipe the card then? That could be their advantage, because debit cards TRY to do that but most of them don't.

Griever · 10-22-2008, 01:41 AM

The Usage charges are pretty bank specific. Most don't charge them but some (TCF) do charge fees if you use Debit at POS. They're not substantial that I remember but they do exist. But like I said they're bank specific and most don't actually charge you.

Edit: That's my understanding of how EFTPOS works from friends who live abroad and my own research into the system. Could be wrong but I got the feeling it was immediate.

Jagos · 10-22-2008, 01:51 AM

Debit is taken out immediately. If you're out of country and your bank is US, there's additional charges but that's another story

With credit, it takes a day or so for the charges to clear your account. But you'll have a memo post that states what the charges are. Be careful if you're using your card as credit at a gas station though. They take out only $1 but then later on when they assess how much was used, they'll take out the full amount. Fair warning.

POS Industries · 10-22-2008, 03:19 AM

Frankly, I am personally disappointed in the actual subject matter of this thread given its title.

Quote:

Originally Posted by Smarty McBarrelpants

SO got a month to go before my big move overseas and I'm sorting out banks and finances and I heard from some people that EFTPOS type systems are nowhere near as common in the US as they are over here where every store imagineable has them and they free to use and noone uses cash anymore.
Apparentely it's highly cash and credit based. Is this true? It sounds a bit archaic and will be problematic.

No one uses cash over there? Then what do your rappers flaunt about in their videos?

Professor Smarmiarty · 10-22-2008, 04:07 AM

EFTPOS is basically instanteous money transfer. Your eftpos card is tied to your bank account and every store ever has an eftpos machine (like if you don't have an eftpos machine you won't get business cause cash is not common) and you swipe it and throw in your pin and your money is instantely transferred.

I guess it's kind of like a debit card...
Though from what I understand debit cards you have to preload with money and have charges associated with use. My biggest problem with debit cards is that you load them with money so that money is no longer in your bank account and thus you don't gain interest on it. And so you can load small amounts and constantly reload it or load large amounts but lose out on interests.
Overall EFTPOS is far more useful cause it's just a direct access to your bank account with no usage penalties and you continue to have perks of having money in your bank.

Though the question is can I use them anywhere?
Cause like credit cards you can't use everywhere because of thier crazy mark-ups and I understand debit cards are similar.

The big difference though is that other countries which have EFTPOS you can use your card no troubles which is why I was asking so I wouldn't need to set up other stuff, I could just take my card and still have access to my NZ monies.
I guess I'll have to take lots of travellers cheques and deal with your nonsense one colour money.

As for POS, we only have about 3 rappers in the whole country and they drink k-bar raros and flaunt snifters.

10-22-2008, 12:25 AM	#1
Professor Smarmiarty Sent to the cornfield Join Date: Mar 2007 Location: K-space Posts: 9,758	EFTPOS and US SO got a month to go before my big move overseas and I'm sorting out banks and finances and I heard from some people that EFTPOS type systems are nowhere near as common in the US as they are over here where every store imagineable has them and they free to use and noone uses cash anymore. Apparentely it's highly cash and credit based. Is this true? It sounds a bit archaic and will be problematic.

10-22-2008, 12:30 AM	#2
phil_ Just sleeping Join Date: Mar 2004 Location: At home, probably in bed. Posts: 6,482	I believe, as a United Statesian, that my "EFTPO-wha?" is highly informative regarding this matter. But, why leave the chance that you won't understand when I can write that I've never heard of EFTPOS and have no idea what it is? Is that one of your fancy Euro conspiracies or something? __________________ Be T-Rexcellent to each other, tako.

10-22-2008, 01:28 AM	#3
Zilla Lakitu Join Date: Jun 2007 Posts: 2,378	yeah, I have no idea what you're talking about. Here, it's cash, credit, debit, or checks. Credit and debit are interchangable for the most part. Checks are going out of style, being replaced with debit/credit cards. What's archaic about debit cards? What do you have, a credit-stick and those crazy thumb-scan-ID machines? :P __________________ MENCHI Pink It's cowboy time, I'm so MENCHI right now. Metroid is a great man because his friends don't rape him.

10-22-2008, 01:33 AM	#4
Jagos FRONT KICK OF DOOM! Join Date: Nov 2003 Location: Howdy pardner... Posts: 6,399	Electronic Fund Transfer Point of Sale - Card Which means, you have a debit card dude. Yes, Zilla is accurate. Have fun in Walmart with your money. ATMs will be your friend as well. If you need a bank, it depends on where you go. What part of the US are you going to? I might be able to recommend a few national banks with less problems. __________________ Copyright musings World ramblings Scifi stories

10-22-2008, 01:36 AM	#5
Griever meh Join Date: May 2008 Posts: 47	Electronic Fund Transfer Point of Sale is what he means. The jist of it is you swipe a debit card at the register and your Bank Account gets hit immediately. But yeah it's all Cash and Credit cards in the US. Though you can use Debit cards, in some banks cases those have usage charges though. Edit:Ninja'd knew I should have refreshed. Last edited by Griever; 10-22-2008 at 01:44 AM.

10-22-2008, 01:41 AM	#7
Griever meh Join Date: May 2008 Posts: 47	The Usage charges are pretty bank specific. Most don't charge them but some (TCF) do charge fees if you use Debit at POS. They're not substantial that I remember but they do exist. But like I said they're bank specific and most don't actually charge you. Edit: That's my understanding of how EFTPOS works from friends who live abroad and my own research into the system. Could be wrong but I got the feeling it was immediate. Last edited by Griever; 10-22-2008 at 01:46 AM.

10-22-2008, 01:51 AM	#8
Jagos FRONT KICK OF DOOM! Join Date: Nov 2003 Location: Howdy pardner... Posts: 6,399	Debit is taken out immediately. If you're out of country and your bank is US, there's additional charges but that's another story With credit, it takes a day or so for the charges to clear your account. But you'll have a memo post that states what the charges are. Be careful if you're using your card as credit at a gas station though. They take out only $1 but then later on when they assess how much was used, they'll take out the full amount. Fair warning. __________________ Copyright musings World ramblings Scifi stories

10-22-2008, 04:07 AM	#10
Professor Smarmiarty Sent to the cornfield Join Date: Mar 2007 Location: K-space Posts: 9,758	EFTPOS is basically instanteous money transfer. Your eftpos card is tied to your bank account and every store ever has an eftpos machine (like if you don't have an eftpos machine you won't get business cause cash is not common) and you swipe it and throw in your pin and your money is instantely transferred. I guess it's kind of like a debit card... Though from what I understand debit cards you have to preload with money and have charges associated with use. My biggest problem with debit cards is that you load them with money so that money is no longer in your bank account and thus you don't gain interest on it. And so you can load small amounts and constantly reload it or load large amounts but lose out on interests. Overall EFTPOS is far more useful cause it's just a direct access to your bank account with no usage penalties and you continue to have perks of having money in your bank. Though the question is can I use them anywhere? Cause like credit cards you can't use everywhere because of thier crazy mark-ups and I understand debit cards are similar. The big difference though is that other countries which have EFTPOS you can use your card no troubles which is why I was asking so I wouldn't need to set up other stuff, I could just take my card and still have access to my NZ monies. I guess I'll have to take lots of travellers cheques and deal with your nonsense one colour money. As for POS, we only have about 3 rappers in the whole country and they drink k-bar raros and flaunt snifters. Last edited by Professor Smarmiarty; 10-22-2008 at 04:20 AM.