How does Mastercard work
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My POSB bank account use to just have the NETS function. Recently I changed it to debit card.
Yesterday I make a payment of a few hundred dollars using MASTERCARD function as the guy say that his NETS machine was not working. I didn't key in any PIN number just signed on the recepit after he slot my card into the machine.
Today I went to update my POSB book and realise that the amount that I paid for yesterday was not captured in my POSB book.
I put in my card into the ATM machine and found out the transaction has been captured.
It shows:
Ledger balance: XXX
Available balance: XXX minus the amount that I paid for.
How come like this? How come when I update my bank book the transaction is not shown in my bank book?
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The transaction is approved, but not yet clear the bank. Credit card is the same thing, you use tonight, you will see on the statement, the transaction only crossed a few days later. Its a debit card leh, not ezlink card leh.
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the same as visa does.
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Originally posted by ditzy:
The transaction is approved, but not yet clear the bank. Credit card is the same thing, you use tonight, you will see on the statement, the transaction only crossed a few days later. Its a debit card leh, not ezlink card leh.
NETS transactions will be approved immediately and the amount deducted immediately from your bank account.
So debt card is different from NETS card?
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DC will deduct directly from ur acct
but it will take a couple of days for it to be cleared/posted
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Why debit card so special?
Is it like cheque like that, you pay before 3pm and the amount gets deducted from your bank account after 2pm tomorrow?
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keep in touch with your bank to find out
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Not everything works as instantly as you think in this world.