from their accounts without visiting a branch teller line and to do so 24/7. The advent of regional, national, and global ATM networks made it possible to make cash withdrawals all over the world. Many institutions subsequently expanded transactional capabilities by replacing ATM-only cards with debit cards that could also be used to make electronic payments to merchants and service providers from checking accounts. Debit card transaction volumes have grown quickly as the networks that enable these transactions have broadened. Acceptance by grocery stores, gas stations, and other retailers helped to drive the popularity of “online” or “PIN debit” payments

 

Encouraged by the use of online banking and both automated and online bill payment, consumers’ use of automated clearinghouse (ACH) networ...

Please subscribe to keep reading.