Era of Debit Cards

The Era of debit entry Cards FIN 397 The Era of Debit Cards fiscal Innovation is changing the way of monetary services and compensation options available to consumers. One of the best monetary innovations since the Automatic currencyier Machine, also known as the ATM, is the calculate card. A debit card is a card that awards you to make unbidden withdrawals from your checking account statement to make point-of-sale purchases or to elate cash. Debit tease argon a lot fill in credit cards, overlook for the fact that credit cards are essenti entirelyy rook term loans, debit cards are much like electronic checks (financial-dictionary). Landmark is credited to creating the first nationally debit system in 1984 by using ATMs and separate net lay downs that would throw in debit cards. This made is possibly for small banks to work break-dance with other banks outside their state. As technology grew, this would allow for a system that was able to automatically d ebit the coin use from your checking account. This would make debit cards more available to consumers. By 1998 debit card transactions outnumbered the use of checks close to the introduction (www.brighthub.com). As we all know this number pass on pass to grow, by the end of 2009 the total dollar hatful of all debit and prepaid cards would total to 1.63 meg dollars (www.creditcards.com).

The chief(prenominal) reasons that debit cards have become so general and why they are one of the best known financial innovations is because of how easy it has made our lives. Before debit cards, we would have to all carry around a lot of cash or use checks. T! he problem with cash was that people did non liveliness ripe walking around with a lot of cash on them. Debit cards made it safer than cash because banks after soften stop fraudulent purchases and when a debit card is stolen the consumer is non liable for the purchase. When people began using checks, it seemed like the perfect idea. The lonesome(prenominal) matter you had to carry around was your checkbook and drivers license. The problem with checks was...If you penury to survive a full essay, order it on our website: OrderCustomPaper.com

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