Personal Identification Number - PIN

What is a 'Personal Identification Number - PIN'

A personal identification number (PIN) is a numerical code used in many electronic financial transactions. Personal identification numbers (PINs) are usually used in conjunction with usernames or other passwords. They are also usually required when using bank debit or credit cards, and most banks or financial institutions issue PINs separately from the cards through the mail.

BREAKING DOWN 'Personal Identification Number - PIN'

PINs usually contain four digits. Not all electronic transactions use this number, but cash withdrawals from ATMs invariably require this code. PINs should be known only to the users and never disclosed to anyone else.

RELATED TERMS
  1. PIN Cashing

    A type of fraud in which a stolen credit card or debit card is ...
  2. Chip-And-PIN Card

    A credit card that contains data embedded in a microchip and ...
  3. Bank Identification Number - BIN

    The first four to six digits of a credit card. The bank identification ...
  4. Debit Card

    An electronic card issued by a bank which allows bank clients ...
  5. Electronic Benefit Transfer - EBT

    A system that allows state governments to provide and track benefits ...
  6. Cloning

    The copying of stolen credit or debit card information to a new ...
Related Articles
  1. Savings

    Banking: Debit Cards and ATMs

    By Amy FontinelleDebit cards and ATMs allow you to easily access the money in your checking account to pay for everyday purchases. In this section, we'll explain how they work. Debit CardsA debit ...
  2. Your Clients

    Top Hacks to Protect Clients from Tax Scams

    There are many ways that clients can be victimized in today’s digital world, but there are also many ways to protect against these invasions. Here are some.
  3. Credit & Loans

    Credit vs. Debit Cards: Which Is Better?

    Be strategic about the card you choose
  4. Credit & Loans

    Credit, Debit And Charge: Sizing Up The Cards In Your Wallet

    Not all plastic is equal! Learn the difference between the three kinds, and how each can affect your finances.
  5. Credit & Loans

    Is Cash Or Credit Better For European Trips?

    If you're traveling to Europe, make sure you have a widely accepted credit card that uses chip technology. It doesn't hurt to have some cash, too.
  6. Credit & Loans

    How Debit Cards Work

    Unlike credit cards, debit cards rely only on the funds available in the user’s account, so they do not let users borrow on credit. They frequently come with purchase limits, and using one at ...
  7. Budgeting

    Should You Pay In Cash?

    Avoiding all forms of plastic payment can do wonders for your stress level and pocket book.
  8. Savings

    Best (And Worst) Ways To Change Money In Europe

    Which are the cheapest– and most costly – ways to exchange money when you're in Europe? See if you made the right choices on your last trip.
  9. Credit & Loans

    Credit Cards: What Are Credit Cards?

    By Brigitte Yuille Think of credit as borrowed money. This money is made available to you, but it must be repaid within an agreed amount of time. Credit cards provide a line of revolving credit. ...
  10. Credit & Loans

    Some 'Smart Cards' Are Smarter Than Others

    If you don't have EMV chip credit cards yet, this is the year you'll likely get them. Be sure to find out which kind you got. One type may not work abroad.
RELATED FAQS
  1. What are the differences between debit cards and credit cards?

    Learn how the major difference between a debit card and a credit card is where the money comes from when a customer makes ... Read Answer >>
  2. What are the advantages of paying your taxes with the Electronic Federal Tax Payment ...

    The Electronic Federal Tax Payment System (EFTPS) is a free tax payment service offered by the U.S. Department of the Treasury ... Read Answer >>
  3. What are the dangers of using the Electronic Federal Tax Payment System (EFTPS)?

    The Electronic Federal Tax Payment System (EFTPS) is a convenient way to file your taxes, but you need to be aware of some ... Read Answer >>
  4. How do I check the balance on my prepaid credit card?

    Check your prepaid credit card balance quickly using your phone or the Internet. Keeping track of your balance is easy and ... Read Answer >>
  5. What happens when my bank account is debited?

    Understand the process that takes place when your account is debited. A debit to your account happens when you use funds ... Read Answer >>
  6. Are credit cards and debit cards considered debt instruments?

    Consumer debt instruments allow people to borrow money at specific interest rates. In recent years, the credit industry has ... Read Answer >>
Hot Definitions
  1. Cost Of Debt

    The effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; ...
  2. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  3. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  4. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  5. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
  6. Generally Accepted Accounting Principles - GAAP

    The common set of accounting principles, standards and procedures that companies use to compile their financial statements. ...
Trading Center