As a bank account holder you have access to means of payment different from bank notes and coins. This facility allows a better use of time and a reduction of risks related to security when handling cash The most commonly used means of payment, among others, are the following:
- Debit Cards
- Credit Cards
- Direct Debit
- Payment of Taxes and Services (debit from bank account)
You may access to these means of payment:
- Personally, visiting a bank’s branch
- Through ATMs
- Through “E-Banking”, i.e. using computers, tablets or mobile phones to access to services offered by the bank through the internet.
The technological process allows creation of new means of payment to make transactions easier such as “Virtual Wallet” (immediate electronic payment), “POS Móvil” (direct and immediate transfer), or the “Payment Button” (payment of e-commerce purchases through transfer).
DEBIN or immediate debit is under development. It was defined as “a mean of payment used to debit a disbursement from the customer’s bank account once collection of any good or service was authorized. It is supported by an application for collection, and functions available in banking through the internet, mobile banking, and other channels properly established” by the institution.
Electronic transfer is similar to immediate debit and it can be made by the home banking of any institution. The main different between these two instruments is that in the case of DEBIN the person collecting the money is the one who performs the procedure. The payer will only accept or refuse that transaction.
In addition, it is different from the direct debit where it is offered by each bank or network, and this system will be independent. Moreover, the payment will be immediately credited instead of having to wait 48 hours.
Amounts paid through the above mentioned means of payment shall be debited from the bank account balances where they are associated, except Credit Cards, which shall be paid until due date according to the means of payment the institution apply.
In the case of “Direct Debit”, you can stop using this facility for a period of time or forever, choosing the option “Stop Debit”.