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Check Card Use Grows 23%
CHARLOTTE, N.C. -- Customers are using their check cards more often when making purchases, leading to a 23% increase in transaction volume and a record 65 purchases every second, according to Bank of America."Consumers are realizing they have choices about how to pay for things like movie tickets or a visit to the dentist's office, and they're choosing cards over cash and checks," said Ken Kavanagh, debit and prepaid card executive, Bank of America. "They like the convenience, security and additional benefits cards offer."Kavanagh recommends that consumers look for check cards that offer the following key benefits:Security.Check cards that offer zero liability, guaranteed credit, fraud monitoring tools and photo security ensure greater consumer protection. Photo security is a feature that places the cardholder's photo on the front of the card. In addition, consumers have greater security when they enroll in online banking, giving them the ability to see account transactions immediately, so fraudulent use can be identified and stopped right away.Rewards. In the past, rewards were only offered on credit cards, but banks are increasingly offering rewards programs on check cards.Convenience. Check cards with conveniences such as the ability to use them where Visa debit is accepted or at ATMs is a primary reason for their continuing growth. Consumers also appreciate the ability to get cash back with purchases and the option of entering a personal identification number or signing a receipt when making purchases."Most banks allow you to use your check card either way. One way is not necessarily better than the other, either way the money is deducted from your checking account," said Gerri Detweiler, consumer advocate and author of The Ultimate Credit Handbook. "However, it's important to review the terms of your card before choosing 'debit' or 'credit' to see how your financial institution handles it."Kavanagh said he expects the trend away from cash and checks to continue as more people learn about the benefits of cards. "The more people use their cards, the more they like them," he said. Visit the Bank of America at www.bankofamerica.com"