(May 8, 2021 at 12:46 pm)Brian37 Wrote:(May 8, 2021 at 12:43 pm)BrianSoddingBoru4 Wrote: People who think debit cards aren’t virtual money don’t understand how debit transactions work.
Boru
I am 54 years old. I know damned well how debit cards work. You run out of money in your account, they cut you off.
The issue isn't debit, the issue is the money the bank earns off of your deposits in interest and fees for withdraw.
Let’s suppose for a moment you got over your childish, unreasoning fear of online purchases. You order the album, ‘ABBA: A Tribute To K-Pop’ from Amazon. When you pay by debit card, Amazon’s computers check with your bank’s computers to make sure you have sufficient funds. If you do, your account is debited, their’s is credited, and the transaction is approved. This happens in the course of a few seconds - you’ve made your purchase without any actual cash changing hands.
This is the very definition of ‘virtual money’. It happens billions of times a day.
Boru
‘I can’t be having with this.’ - Esmeralda Weatherwax
