Before there were ATM's or Debit systems, what would people do when they were out of money and all the banks were closed? Well, lets just say that they did not have a visa. We all know that carrying wads of cash around isn't exactly the smartest or safest thing to do. Either way, most people I know never pay with cash unless its for a coffee or maybe even a meal at a restaurant, but even there they now have the wireless debit terminals.
I've noticed that people tend to spend more money nowadays with their cards. Even when I've discussed it with friends, they say that they prefer to use cards so that they don't have to physically see how much money they are spending. And unless you have a low daily limit, people don't have to worry about running out of cash (if they have enough in their bank accounts). I'm sure the businesses aren't complaining. Banks are probably overjoyed as well. They are able to provide their customers with 24 hour service and don't have to worry about higher labor costs. They are also able to charge people for some or all transactions. So not only do banks save money, but they make money on top of it. Lets face it, when something makes life easier, you always have to pay for it one way or another.
On the other hand, I'm sure ATM's and debit has saved people in tight situations. We now take advantage of the convenience, but when you think about it, it is like carrying a vault around with you. People cannot take your money unless they have the code. Therefore in a way it probably has decreased the amount of robberies. Although, people do have to be careful as to which machines you use. Many ATM's have had hackers which were able to access your account and withdrawal your money.
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I've noticed that people tend to spend more money nowadays with their cards. Even when I've discussed it with friends, they say that they prefer to use cards so that they don't have to physically see how much money they are spending. And unless you have a low daily limit, people don't have to worry about running out of cash (if they have enough in their bank accounts). I'm sure the businesses aren't complaining. Banks are probably overjoyed as well. They are able to provide their customers with 24 hour service and don't have to worry about higher labor costs. They are also able to charge people for some or all transactions. So not only do banks save money, but they make money on top of it. Lets face it, when something makes life easier, you always have to pay for it one way or another.
On the other hand, I'm sure ATM's and debit has saved people in tight situations. We now take advantage of the convenience, but when you think about it, it is like carrying a vault around with you. People cannot take your money unless they have the code. Therefore in a way it probably has decreased the amount of robberies. Although, people do have to be careful as to which machines you use. Many ATM's have had hackers which were able to access your account and withdrawal your money.
