Just received my new Maestro Card from UBS (old one about to expire), and the powers that be have decided to make changes- no more CASH function on new cards starting Sept 2010. Am not too keen with the new system.
You now have to order a separate card from Cash Card, and unfortunately if you lose or card is stolen, there is no way of blocking the card. According to their website: www.cashcard.ch FAQ
What happens if I lose my card?
The credit on the CASH card is comparable to money in a traditional change purse. The remaining credit cannot be blocked if the card is lost or stolen and, as with stolen cash, thieves can use the remaining balance, but the amount that can be lost is never more than CHF 300.
Its like a chip card which you pay with. The chip is charged and there is no record of it elsewhere except the deduction from your account. You can charge it at any ATM like your maestro.
And about it getting lost/stolen, well, its like money. Keep only what you need on it. And keep it safe.
No. CASH is a system (I believe pioneered jointly by UBS and CS, though I may be wrong) where money is pre-loaded onto your card; therefore, vending devices do not need to have a network connection to accept payment. I think a PIN code was also not required, but again, my memory's a bit hazy.
Maestro cards are your standard debit card system. Enter your PIN, system calls home to verify your transaction before approving the sale.
In any case, I'm fairly certain I read a while back that UBS and CS are end-of-lifing the whole CASH system. Apparently it never took off.
I didn't know that they were ending the CASH support. It was quite handy for those very few places that accepted it.
But the rules about what happens if it gets nicked were exactly the same for the old cards too, precisely because they don't need a PIN or a link to the bank (as Corbets said). So they're handy for speedy purchases at the till without a network transaction, but just as handy for the thief who swiped it (if they can find somewhere to accept it). But you could always just top it up with small amounts rather than keep it maxed out, so you'd never lose CHF300.
I don't fully get this CASH thing, what's the point of it?... you put you card in the hole in the wall, and get cash out, same as normal Maestro. I am I right in thinking the only differences are no pin, and less security
Its pretty useful actually for when you dont have change. You just load a small amount on the card and use it as coins.
Eg. You want to get a ticket for the bus. You open your wallet and discover that you dont have enough change. But no problem. You use the cash function and get the ticket
The cash chip on the Maestro has the same functionality and the same level of security as the cash card. If you have money on your chip and you lose your Maestro, then anyone can use up your cash on the chip though it will be harder for them to pull cash from your account without your pin.
Makes sense that CS and UBS are pulling this function from their cards...no real added value and a security risk. If you get the cash card and keep just a low amount on it, then if you lose it, it is not as inconvenient as losing your Maestro.
The cash function has been very useful. I have to drive into the city 3x a week and use it to pay the parking meter. Saves me from having to scrounge around for Fr. 20 in coins every week.
I dont have children, but would imagine that CASH is useful if you do. Little Johnny has a limited amount to spend/lose, so cant clean out your account.
Huh? UBS, Credit Suisse, Raiffeisen and maybe some othe banks are NOT providing the CASH function anymore on their Maestro cards. You would have to get a separate cashcard.