Financial institutions providing ATM and payment cards will usually mail you a letter containing your PIN once you open your account. However, you might get a PIN issued in person. Any PIN letter usually arrives separately from the card itself for security purposes. Online payment services such as Venmo or Cash App may also require you to come up with a PIN as an extra security measure. To be effective for security, the PIN needs to be unique and safeguarded to reduce the chance of it being compromised. Financial institutions usually set rules regarding the length of the PIN and suggest avoiding obvious, repeating, or otherwise simple sequences. For your account security, you should not use the same PIN for different payment cards or accounts.

Example of a Personal Identification Number

Let’s say you open a checking account and your bank provides you with a debit card. You might set up your PIN in person so that you can access the funds in your account, your bank might send you a letter with your four-digit PIN, or you might be able to call in to set up your PIN. Once your PIN is set up, you can make debit card transactions, access ATMs, and access telephone banking services. A PIN works as an extra level of authentication. When you decide you want to withdraw money from an ATM, you insert your debit card and the machine will ask you for your four-digit PIN. If you enter the correct PIN, you’ll gain access to your bank account and can withdraw funds. If you enter the wrong PIN, you won’t be able to access your money. If you think you’ve just mistyped your PIN, carefully try the PIN again. You can also contact your bank if you’ve forgotten the PIN. If you go to a local store to buy groceries or another item, you can use your debit card to pay. But in order to pay, you’ll typically need to enter your PIN to confirm the purchase. The transaction should go through as long as your PIN and card information are valid, you have sufficient funds, and you haven’t exceeded any daily spending limits.