The following is an excerpt from an article that ran in the June 14 – June 20 Atlanta Business Chronicle Financial Quarterly special section on credit unions, featuring interviews with leaders from credit unions around Georgia. Georgia Credit Union Affiliates, the trade organization for credit unions in the state, coordinates this section each year.
Since they were introduced in 1994, debit cards have served as a means of better controlling spending by limiting users to the amount available in their checking accounts. The debit card also comes with few if any fees, and can be obtained with no application or minimum credit score.
Credit unions have long offered debit cards and are now on the forefront of a new wave of convenience and security controls that have made the cards even more appealing.
Utilizing a mobile app, credit union members can set controls to track such actions as where and when the card is being used, amount spent, and the type of merchants and specific transactions that have been pre-approved by the cardholder. When any of the parameters are violated, the cardholder is immediately alerted.