Word: debit
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Dates: during 2000-2009
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...understood so little about how to manage it. Over the past decade, the average credit-card debt of Americans ages 18 to 24 doubled, to nearly $3,000. Among high school seniors, 4 out of 5 have never taken a personal-finance class, but nearly half have an ATM debit card, and more than a quarter have bounced a check, according to a survey of 5,775 teens, released in April by the nonprofit JumpStart Coalition for Financial Literacy. If those trends continue, declaring bankruptcy could become as common as earning a bachelor's degree...
...perfect melodic background for her gonzo tale. “Borneo,” the following track, is a jaunty ode to gambling addiction. Eleanor opines that she’s become “bored of her old life and decent odds” before stealing her roommates debit card, moving to Jakarta, and losing the deed to her boyfriend’s mother’s mansion in a high-stakes card game. The details of this larceny are recounted against the carefree jangle of Matthew’s showtune worthy keyboards. The Furnaces aren?...
...Mart submitted a filing last July asking the Federal Deposit Insurance Corporation (FDIC), the agency that guarantees bank deposits, to create a new entity called Wal-Mart Bank. It won't be a regular bank at all; the company says it will do nothing but process credit- and debit-card payments internally. But the application generated so many comment letters--3,600 and counting--that for the first time in its history, the FDIC decided to hold public hearings on a deposit application...
...think about a Wal-Mart Bank with ATMs, branches and tellers. Jane Thompson, who would be chairman of Wal-Mart Bank, says the new bank would have a "very narrow role." Currently, every time a customer swipes a credit or debit card, Wal-Mart pays a fee to a bank for watching over the money for those few seconds as it moves between the customer's account and Wal-Mart's. By using its own bank, the company will save fractions of a penny on each transaction, yielding $5 million to $10 million a year, which it says...
Critics don't buy it and see the credit- debit function as the thin edge of the banking wedge. "I cannot believe they are doing all of this to save $5 million a year," the equivalent of about nine minutes of sales, says Terry Jorde, president and CEO of Country Bank USA in Cando, N.D. The fear, says Lawrence White, a professor of economics at New York University, is that the company will do to retail banking what it has done in apparel and groceries. Indeed, the application Wal-Mart filed would allow it to request a changed business plan...