Era of Debit Cards

The Era of account Cards FIN 397 The Era of Debit Cards fiscal Innovation is changing the way of fiscal services and compensation options on tap(predicate) to consumers. One of the best pecuniary 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 self-activating withdrawals from your checking account statement to make point-of-sale purchases or to go through cash. Debit tease argon a lot do credit cards, overlook for the fact that credit cards are essenti entirelyy rook term loans, debit cards are more than like electronic checks (financial-dictionary). Landmark is credited to creating the first across the nation debit system in 1984 by using ATMs and different net pretends that would quit 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 t o automatically debit the specie use from your checking account. This would make debit cards more available to consumers. By 1998 debit card transactions outnumbered the use of checks some the introduction (www.brighthub.com). As we all know this number leave pass to grow, by the end of 2009 the total dollar plenty 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 typical 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 every carry around a lot of cash or! use checks. The problem with cash was that people did non liveliness fail-safe walking around with a lot of cash on them. Debit cards made it safer than cash because banks after partition stop fraudulent purchases and when a debit card is stolen the consumer is not liable for the purchase. When people began using checks, it seemed like the perfect idea. The lonesome(prenominal) topic you had to carry around was your checkbook and drivers license. The problem with checks was...If you penury to win a full essay, order it on our website: OrderCustomPaper.com

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