Interac

DEBIT
for Consumers

What is Interac Debit?   Cashback    Why use Interac Debit?   How Interac Debit work?    Refunds   Interac Debit fees

What is Interac Debit?

Interac Debit is a secure electronic payment option that allows you to use your debit card to instantly access the funds in your bank account when you are shopping.

It’s a simple and convenient way to pay for things without carrying cash, and when you don’t want to have credit bills at the end of the month. You can use Interac Debit at over 400 thousand merchant locations across Canada; from convenience stores to specialty clothing shops to gas stations. Look for the Interac logo or simply ask the merchant if they provide Interac Debit as a payment option. Most major merchants now accept debit cards as a secure and effective payment method.

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Cashback

Cashback allows you to make a purchase using Interac Debit and also receive cash from your account, all in one transaction.

Merchants who offer Interac Debit as a payment option can also offer "cashback". It allows you to request additional cash to be debited from your account, on top of your purchase.

For example, if you make a purchase for $20 and tell the merchant you want an additional $40 cash back, you receive your $20 purchase alone with the $40 in cash, for a total transaction amount of $60.

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Why use Interac Debit?

Interac Debit allows you to access funds directly from your account at the time of the purchase. It is like spending cash— only the money is exchanged electronically between your bank and the merchant. Your account balance is always up to date. It is also useful for shopping for services where credit cards are not accepted.

Best of all, there is no bill at the end of the month. You are able to keep track of your account balance at any time. The service is convenient, fast, safe and reliable, with less risk of theft or losing cash.

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How Interac Debit works

When you make a purchase, the merchant or retailer will enter your sale amount into the Point-of-Sale (POS) terminal and hand the terminal to you. Once you insert or swipe your debit card in the card reader, prompts on the terminal screen will prompt you:

  • Okay the transaction amount
  • Select the chequing or savings account you wish your purchase to be debited from
  • Enter your Personal Identification Number (PIN)
  • Provide a final okay to send the transaction request for approval

In a matter of seconds your debit request is passed through the Inter-Member Network where your debit card, PIN, and required funds for purchase are verified by your financial institution.

Upon conclusion of a successful transaction the merchant or vendor will then hand you a debit receipt for your records.

Since Interac Debit is an online, real-time service, the debit is immediate. This means that the required funds must be available in your account at the time of purchase.

Ever wonder what goes on when you put your Interac chip debit card in a Point-of-Sale (POS) terminal or an ABM, and what it means to you? Take a look at how it all works at a POS terminal.

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Refunds

Like purchases made with any other payment method, refunds and exchanges using Interac Debit are a matter of merchant policy. In order for a refund to be processed through the Point-of-Sale service, the cardholder who made the purchase must be present to authorize the transaction.

Interac Debit fees

Transaction charges

Interac Association does not set or collect fees from you. However, financial institutions often charge a transaction fee for making a debit on your account. Financial legislation regulates the setting and notice of these fees.

Surcharges

Interac Association does not set or regulate surcharge fees. Interac Association members may choose to apply a surcharge for transactions made using Interac services. A surcharge is a fee charged to you by the member responsible for the debit terminal.

If a surcharge fee applies, it is in addition to any transaction fee charges you may pay your financial institution for using the Interac services.

Interac Association maintains strict rules to ensure that surcharges are properly disclosed on the PIN pad. You’re always presented with a screen indicating the surcharge fee amount. The transaction will only proceed if you accept the disclosed surcharge amount.

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