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Our Graniteville Branch, located at 1756 Forest Avenue, in Staten Island is currently closed due to a power outage affecting the entire building. We will reopen as soon as power is restored.

We apologize for the inconvenience. In the meantime, please visit another branch or use Digital Banking and the NYMCU mobile app to manage your accounts.

Check back here for updates on reopening.

Authorization

The process of verifying that a person has the right to use a particular credit or debit card for a transaction to protect against fraud.

More Details

An authorization is the process by which a financial institution, such as a bank or credit card company, verifies that a payment card or other form of payment is valid and that the person using the card has sufficient funds or credit available to make a purchase. If the transaction is approved, the financial institution will send an authorization code to the merchant, indicating that the payment can be processed.

Example

If you use a credit card to make a purchase at a store, the merchant would first swipe the card or enter the card information into their point-of-sale system. The merchant's system would then send information about the transaction, such as the amount and the cardholder's name, to the credit card company for authorization. The credit card company would then check your account to ensure that the transaction can be completed, and if the transaction is approved, the credit card company would send an authorization code back to the merchant's system. The merchant would then be able to process the transaction and you would be charged for the purchase.

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