Electronic Money Essay

2081 words - 8 pages

Electronic money is quickly becoming mainstream for many households. Electronic money takes several forms. It can range from using a debit card at Dillions to using electronic cash on the Internet. Many people use electronic cash and feel there are relative benefits, there are also people who find disadvantages to using electronic cash. Just like with anything, there are pros and cons to electronic cash .DEBIT AND ATM CARDS One form of electronic cash is debit cards. Debit cards are plastic cards electronically connected to a checking account. Debit cards can serve as checks and as ATM cards.When using a debit card as a check, the card is simply given to the clerk and it is then treated as a credit card. Debit cards can only be used at stores which accept credit cards. If there is not enough money in the account the card is linked to, the transaction will not be approved. This provides added security for the merchant over accepting a check. If the consumer chooses to use a debit card they will avoid the hassles of having to provide identification as when issuing a check. Coastal Mart allows customers to pay for their purchase at the pump by using a debit card or credit card. I myself have and regularly use a debit card. I feel Coastal Mart gains customers because of its convenience. I buy gas there and find this method of paying very convenient, especially if I am in a hurry. I also think debit cards are very convenient elsewhere as well as less expensive than writing checks for everything. Generally I only write checks for monthly bills. With the rise in technology I could opt for most of my monthly bills to be paid for through electronic transfer also. I am not sure why I have not chosen to reduce my check writing further, other than I am still a little leery of someone having access to my bank account.When using the debit card at an ATM machine, money is attainable from a checking or savings account. It is also possible to transfer money between accounts, make payments, and check balances. I personally use the ATM machine more than the actual bank.I found through reading an article in the magazine Money, that I am not among the minority of using the debit card. It is estimated that people in 22 million households use a debit card regularly. Experts also predict that 40% of households will shop with a debit card by the year 2000. 23% of people today shop with a debit card. I find this to be a very good thing due to the high expense of the check clearing system. Costs will not only decline for individuals, but hopefully for everyone.It should be noted that although debit cards may be convenient and fast, they are not as safe as credit cards. To illustrate, if a credit card is lost or stolen federal law limits liability to $50 in unauthorized charges. On the other hand, if a debit card is lost or stolen and not reported within two days of discovering it the card holder could be responsible for up to $500. If the cardholder fails to report it...

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