When did debit cards first come out?
Seattle's First National Bank offered the 1st debit card to U.S. business executives and preferred customers in 1978. In 1984 Landmark created the 1st nationwide debit system, using ATMs and other networks that allowed debit cards to be used across the nation. As of October 1, 2011 the Federal Reserve has capped debit card swipe fees (what banks earn when you use their card) at around 24 cents per transaction. Bloomberg Government predicts that the ruling will cost big banks up to $8 billion a year.
Updated on Thursday, February 02 2012 at 12:38AM EST