No. of Recommendations: 6
An ATM CheckCard is a convenience for the bank; not the me or the merchant. It's a convenience for the bank because they would earn a fee if I used it. It's not for me because the card would put my money at risk -- not the bank's -- and would involve greater potential risk than a credit card. It's not for the merchant because he runs similar risks and pays the same fees as if the card were a credit card.

We've used a Visa/MC debit card for several years now. Exclusively. We use it for regular purchases, airfare, hotel, car rental, etc. Our "terms of use" explicitly state that in the event of fraud we are responsible for the first $50, just like a CC. I am also VERY VERY aware and careful of our cards and checks.

Also - our debit card is attached to an account where I transfer money into - right before a transaction... so we normally only keep a $1.00 balance but when we need a car, hotel, or whatever, I find out the actual charge, transfer that amount it and charge it. This has greatly eliminated any possible over charges and/or fraud.

It's a very simple process and without minimum balance charges, usage charges, annual fees, transfer charges - it makes it very convenient for us. Just because it's convenient for the bank doesn't mean it's not convenient for us.

And, why shouldn't the bank make money on it? It's a service they provide. Merchants don't have to take cc's.. but if they want an enormous increase in sales, they take them, even with the transaction fees, because their profit margin is higher.

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