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Originally Posted by faxxaff
what does 'BIN' mean for dummies like me ?????
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In the same way that your Visa/Mastercard has a string of numbers on it which identify the bank that issued it, as well as the fact that it is your card, acquiring accounts -- merchant accounts so to speak -- have a string of numbers.
Everything is posited on these number strings -- if you lose your card, the new one has a slightly different group of numbers, to make the card unique -- thus, changing your bank (acquirer) would also change the number string on the back end. Banks may have multiple BINS, just like you may have more than one card in your wallet, but BINS are unique to the banks, and don't move around.