What is EFTPOS (Electronic Funds Transfer at Point of Sale)?
EFTPOS happens when you buy things from the shops using your savings account card. The EFTPOS register takes the money out of your savings account and transfers it to the shop. There can be problems with EFTPOS though. Transactions may not always be ‘put through’ properly – sometimes you may get charged more than once but you have only bought one thing. Always check your receipt and it is a good idea to keep it until you get your next statement. And if you see your card being swiped more than once you should ask why. What is direct debit? A direct debit is when you give permission to a business to take regular payments for something out of your account, including credit cards (e.g. a gym membership). You can cancel these with the bank even though the business may tell you that you can’t. You need to cancel in writing. Date the letter that you give the bank, send a copy to the business and keep a copy for yourself. What is a debit card? A debit card works like a credit card and can do a
