Banks Germany

What is an ATM card?

Almost every bank customer they have in their wallet and used it as a matter of course, to withdraw money to print account statements or to make cashless payments: the ec card. It belongs to the standard program and is usually issued by banks directly with the account opening. Today it is but as Girocard called. But which systems are behind the card and the meaning of the abbreviation, many consumers is simply unknown. Therefore we dare to look behind the scenes of the ATM card.

EC = electronic cash = old system

Thus, the cash withdrawals or purchases are attributed to the correct account, we need a unified system. In the Federal Republic  of Germany  “electronic cash”, ec was briefly introduced for which the German banking industry was responsible. The principle: electronic cash must be confirmed each transaction with a personal identification number (PIN). Where the card paid or withdrawals can be made, ec is recognizable by the logo. Initially, the cards were only provided with a magnetic strip. Were on him and all relevant data is stored. You will read about the terminals and vending machines.For safety reasons, because the data on the magnetic stripe can be copied very easily, are ec cards since 2000 additionally provided with a chip.

Maestro and V Pay cards are the new EC-karte

The “ec-/Maestro-Karten” are history. The new system, called Maestro and V Pay . Basic things have not changed for consumers. As before, the cards are likely to pay and withdraw money.

Debit card system

At first glance, it is at a ATM card (V Pay, Maestro) is a plastic card with a slightly raised embossed lettering, an EMV chip and a rear-mounted magnetic strip. The technical equipment that allows to withdraw cash from ATMs and pay cash. Thus it belongs to the family of debit cards. “Debit” from the Latin “debere” for debt or the English “debit” account for stress in the context means nothing more than that the card transactions are charged in a short time on the current account. Say: The account is (immediately) charged with the payments.