The Commonwealth Bank has a range of different accounts with debit card options, but not everyone realises that the features available may vary between them.

There are currently two different everyday transaction accounts offered through this bank – the Smart Access account and the Complete Access account.

With a Smart Access account there is a $4 monthly fee and unlimited electronic access, including at ATMs or through EFTPOS, while the Complete Access account has a $6 monthly fee for unlimited electronic transactions plus branch transactions. Each of these accounts also comes with two different debit card options.

Like most banks, the Commonwealth Bank has both a basic debit card, which they call a Keycard, and a debit MasterCard for more convenient access options with an everyday banking account.

People with one of these accounts have the opportunity to choose between one of these debit card options to find the right kind of card for them.

With a Keycard option, cardholders would be able to withdraw money and check their account balance at ATMs and use EFTPOS facilities. It is part of the Maestro and Cirrus network, so the card can also be used in some overseas locations.

A debit MasterCard, on the other hand, gives people access to their money at ATMs, with EFTPOS, online and over the phone, as well as in over 30 million locations around the world.

Different Kinds Of Debit Card Transactions

Not only is there more access with a MasterCard option, there are also more ways to use the debit card.

Transactions with a Keycard, for example, involve inserting the card into an ATM or swiping through an EFTPOS machine and following the prompts.

With a debit MasterCard, new cardholders will also have access to contactless technology through MasterCard payPass. With this technology people can also just tap the card on a payPass machine and wait for the payment to be processed.

If the total amount is under $100, cardholders will also not need to worry about signing for the transaction or entering a PIN, making it much quicker for everyday shopping.

Debit MasterCard’s also come with added security options to help protect transactions. Features that help protect these cards include:

• CHIP technology
• A unique card number
• A card security code by the signature panel; and
• Online security through both the Commonwealth Bank and MasterCard’s SecureCode online registration service

While a Keycard option may suit people who just use their debit card for basic, everyday transactions, a MasterCard debit card is ideal for those who want more access to their money.

The Commonwealth Bank offers both of these options so that you can decide which one is suited to your lifestyle and get the most out of your account and your debit card.