Cash – No Debit

Cash- no credit”. That’s what my father used to reply when someone acknowledged he did a good job at something. My experience lately at checkout counters has been “cash – no debit”.

A couple of months ago, my debit card’s chip failed. I’d have to go through the motion of trying to insert it three times into the reader before it would tell me to swipe the magnetic stripe instead. Sometimes the debit option still functioned using the stripe; other times, only the credit option worked.

I went to the bank that issued the card and asked for a new one. It would take about ten days to get it, they said, and it would be the same id on the front. Once it arrived, I registered the new card and re-set the pin.

The next day I tried the card at a food store and it was rejected. Another trip to the bank where I was told that since the card was rejected so many times, someone higher up had to take it off hold, especially as it was the same identification number as the old one. They told me to wait a half hour and then to try the atm machine outside.

Two hours later, I went to the atm machine and inserted the new card. Nothing happened- no clenching the card. I called the customer service phone number. The representative sympathized with me and said that she would immediately overnight a new card with a new id.

I needed to withdraw cash, so I went inside the bank. I told the cashier I normally wouldn’t be bothering her, but my replacement card did not work and that I was now getting a second new card. She then said, “oh- the atm machine is broken. That’s why it didn’t accept your card”. I asked why there was no sign. She said they had put one on but somehow it came off.

When I received the second replacement card I tried to register it around 11pm at night. An automated message on the phone replied that I would need to talk to the financial institution.

The next day at the bank, the clerk called in to register my card and had no problem. I asked why I did. She said it was probably because I tried after hours.

As a famous Olympic ice skater once said- “why me?”.

There is a postscript to this- I use the new card without problems at most stores, except for one where it rejects my using a pin and the debit option.

Your Money Supply At Work

By Larry Teren

Did you ever wonder what the business and financial reporter on the radio means when he says M1 and M2 when referring to our money supply? M1 includes all physical money such as coins and currency as well as demand deposits such as checking and negotiable order of withdrawal (NOW) accounts. M1, therefore, refers to the amount of money that can quickly be converted to cash.
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Debit Cards – Pay As You Go

The expression “pay as you go” can mean a lot of things. It can refer to getting laid to rest in a cemetery only after a surviving family member coughs up enough dough for the burial plot and funeral services. It can also allude to the former practice, at least where I live, of the local airport having pay toilets. They had to cut it out because people made a stink (sorry).

For me it means using a debit card more often than using a credit card. When I tell friends that I do so they usually roll their eyes and indicate that only poor people or those with bad credit use debit cards. I reply that it is just the opposite. I have the best of credit. Why? Because I only use a credit card for items that have big ticket prices or where I need an element of protection. By that I mean when I buy something that I am concerned it may not work properly or it may not get shipped so quickly, I use a credit card as leverage. How so? I can always tell the credit card company that I am challenging the sale. No merchant wants to get into such a hassle.
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