Debit Cards vs ATM cards: Is Convenience Really Worth It In The End?
As a society we have made changes due to increases in technology. Less Americans are carrying cash today, all because of the now highly used debit cards that are issued with nearly every bank account we open. Prior to this, we had ATM cards which were great in the sense that we were able to always take money out of our bank accounts or deposit money into our accounts from multiple locations at any hour of the day. Now with the increased reliance on Debit Cards, we may be forgetting about the risks we take in using it over our traditional ATM cards.
Think of it this way. When you use an ATM card, you have to know the pin number. When you use a Debit Card you merely swipe, sign and go. This convenience is not only good for us but also anyone that get a hold of our debit cards! If we had ATM cards, there ability to hack into our account would be greatly reduced merely because of that pin number.
Banks offering Debit Cards through the Visa or MasterCard name are also upholding the “zero liability” rule on them. Basically stating that as long as your report your card stolen within 2 days, you will not be held liable for money lost do to fraudulent usage. But you also have to go through a lengthy process and it can be up to 20 days until the banks refund the money into your bank account that was lost. This is something to keep in mind when choosing between an ATM card and a Debit card.
Debit Cards are an obvious good choice for those individuals with damaged credit who are unable to get typical credit cards. The Debit Card will allow them the same buying conveniences as a credit card. For those who already have credit cards, the ATM may be a better option. Cash availability without the worries of someone else getting a hold of it and hacking into your bank account.
With the high rate of increase of identity theft throughout the world, we need to take any steps we can to try to protect ourselves from becoming victims of this faceless crime. When faced with the choice of a traditional ATM card and a debit card I urge you to truly consider what is best for your situation. Convenience may have its setbacks.
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