Later that morning, Williams and Calloway used the second victim's debit card to buy snacks from a vending machine, police said.
Improvement in the macro economic outlook will lead to higher retail spending and greater outstanding credit card balances, a notable positive for Bank of America as the company has nearly 14% share of the U.S. debit card market and roughly 13% share of the U.S. credit card market.
Representatives for many of the big U.S. debit-card issuers declined to discuss unbundling, with most saying they are waiting for the Fed's final rules, expected in April.
U.S. debit volume rose 15.4%, which more than offset a 1.1% decline in credit volume.
Bank of America, the largest U.S. debit card issuer, will no longer allow consumers to overdraw their checking accounts using a debit card.
Similar developments are under way in petrol retailing in America, where the electronics recognise the car and debit its owner's bank or credit card account (too bad if the car is stolen).
Responding to merchant complaints about unduly expensive debit fees, last year's Dodd-Frank bill authorized the Federal Reserve to emulate the Australian example and cap fees on debit cards.
"I think if we just use cash and debit cards, it's a much better idea, " he said.
The Federal Reserve's rules limit debit-card fees to 24 cents per transaction, including an allowance for fraud costs, compared with a current average of 44 cents.
Therefore, it's wise to avoid using debit cards, which are linked to your checking account, at convenience or other stores where there's a high employee turnover because you don't know how carefully the workers have been screened.
The key difference is that Square will allow the customers to pay with credit and debit cards on their phone, while Starbucks's current system only allows consumers to use their Starbucks debit card to pay.
WSJ: Starbucks to Use Square Inc.'s Mobile-Payments Technology
MasterCard said use of debit cards in the U.S. rose faster than the use of credit cards during the holiday shopping season.
In this scam, the con man has already obtained a victim's credit card or debit card number, using a skimmer or other method.
The device is particularly well suited for a country with strong misgivings about plastic money: both Japan's credit- and debit-card markets are under-developed.
Square technology won't replace Starbucks's main cash-register systems but its software will eventually process all credit and debit transactions at 7, 000 of its U.S. stores.
WSJ: Starbucks to Use Square Inc.'s Mobile-Payments Technology
Mr. Moebs also said new charges by the bank will likely hit a broader portion of Bank of America's customer base than the debit fees it abandoned.
As yet, no national standards exist for magnetic stripes and account numbering, so almost all of the 300m or so cards in China are used only as cash-machine or debit cards in the issuing bank's home city.
The truth is that the bank's bosses worry that the untried debit card might cannibalise some of its highly profitable credit-card business.
Unlike credit cards or debit cards, which transfer a customer's credit information to a retailer, this transfers the retailer's account information to the customer.
That's happening even as banks cut debit card rewards programs and ramp up incentives to use credit cards in response to a law that kicked in Oct. 1.
Due to regulations in the U.S. that restrict what U.S. residents can do with their cards, Intrade would not permit the use of U.S.-based credit or debit cards.
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When asked by a letting agent who you want as tenants, you're going to go for a working professional who's going to pay by direct debit and not someone on benefits.
Square Inc. will eventually process all credit and debit transactions at around 7, 000 U.S. Starbucks Corp. stores.
Last year, in fact, in the U.S. alone, shoppers used their debit cards an estimated 37 billion times, according to payments newsletter Nilson Report.
About 150, 000 U.S. vending machines accept credit and debit cards.
Merchants have complained bitterly about Visa and MasterCard's rising costs of accepting plastic, particularly as a growing number of U.S. consumers use credit cards and debit cards for purchases.
WSJ: Visa, Mastercard Agree to $6 Billion Settlement Over Surcharges
It has been enlisted by the U.S. Treasury to provide the Direct Express Debit MasterCard for social security benefits.
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