Tecnology

The debit card is a technological development that has had a large impact on life in this country. This plastic card was introduced in the late 1980s as an alternate means to pay. Over the last few decades the debit card has changed the way our society handle financial transactions, from paying bills, making purchases, withdrawing cash to writing checks. Debit cards have increased in popularity and appear to be the way of the future.

Banking hours were once conducted Monday through Friday, from 9:00am to 5:00pm. A customer had to wait in line for an available teller to cash a check or make a deposit into their checking accounts. With the advance technology of the debit card, banking became available 24 hours a day, 7 days a week. Enter a pin number into an ATM machine and withdraw and deposit funds. The need to write a check and wait for clearance has been eliminated due to funds electronic availability.

Having the ability to shop and pay bills without having cash and writing checks is another convenience of the debit card. Bills can be paid by phone and over the internet to save time and postage. Shopping can be done by internet or with out cash. According to an article written by the Raddon Financial group nov, 11 2004 posted on http://www.cunalendingcouncil.org/news/126.html “Almost 7 out of 10 (69%) consumer households report that they posses a debit card. “ It is the convenience of the card that makes it so popular amongst its users.

Government agencies are implementing debit card disbursements for cash payments. Food stamps are now issued on a debit card, and child support payments. In January of 2007 The Texas Work Force Commission began distributing unemployment benefits by debt card. Refunds are now issued as a debit card instead of checks. Cited from a reading on economywatch.com which is a data collection agency “the debit