The first step is to create a debit card or a credit-card account online.
Then you can pay bills and make payments through a mobile device, a computer or a smartphone.
The last step is usually the most expensive.
The AP’s Jennifer B. Pfeiffer reports from Houston.
(Published Wednesday, Aug. 30, 2018)The process is easy enough: Just get a credit or debit card with a PIN and set it up to pay for everything you need with your smartphone or computer.
But some banks have been slow to roll out the feature.
The Federal Deposit Insurance Corp. says it has not been using a debit or credit card for more than six months.
And many small banks have stopped accepting them because they don’t offer an easy way to pay.
“It’s just too much hassle,” said Robert Rieff, a financial planner at the New York-based Rief Group, which specializes in credit card and debit card programs.
“They don’t have the convenience.”
Banks say they need more cash for customers, not fewer, to make up for lost revenue.
That’s why they’re rolling out other features.
Bank of America announced Monday that it will soon start accepting debit cards from online companies.
The bank is the first major bank to do so, and it plans to use credit cards as a primary form of payment, too.
The move comes as some banks are moving away from cashier-style check-cashing services.
“As more and more customers turn to their mobile devices to pay, we have seen a shift toward using a card-based payment system to facilitate that process,” the bank said in a statement.
Bank representatives said the debit card will allow customers to pay bills on their phones at any time, while using their debit card at checkout.
The card will not have a transaction fee, unlike cash, the bank says.
But the new technology is not as seamless as it could be.
The credit-cards that banks use to make transactions can only accept one type of payment: cash.
Some customers say they can’t use their credit card at all, even for purchases that aren’t made through a bank.
Many of the major banks, including Wells Fargo, are offering online banking, but some have been slower to roll it out, including Chase, which is testing a card that will accept all types of credit cards and debit cards.
The company said in January it would launch a card with no limit on the amount of credit or cash it can offer.
It’s unclear if Chase’s card will have a limit on how much cash it will accept.
A spokesman for the bank declined to comment.
Banks have said they hope to offer a debit-card option for customers who don’t want to rely on cash, but it’s unclear how much they can expect to make.
They also need to be able to handle more customers in the future, said Andrew Rieser, a consumer and financial services analyst at the National Association of Banking Supervisors.
“There’s a big difference between having enough cash and not enough cash,” Riesersaid.
“It’s a very, very challenging market right now.”
Bills will also be able accept a small amount of money to pay in cash and in an ATM, but that requires a PIN.
And the bank that issued the card, First Trust Financial Corp., has yet to offer the feature, said spokeswoman Heather Kornbluth.
A number of banks are also testing a credit cards that would accept checks or cash.
Bank spokeswoman Sarah Fischke said First Trust will begin testing a debit cards starting this week.
It’s unclear whether the bank will offer a limit to the amount it can take in payments.
A spokesman for Chase said it plans “to continue to explore all of the options to offer our customers the convenience of a card for all their banking needs.”
The bank said it would make payments via its credit- and debit-cards system through merchants that use its website, and those payments would be accepted by Chase and other merchants that accept its cards.