The advantages of an expanded use of
•EFT are note-worthy. EFT would eliminate the cumbersome administrative work associated with handling money and checks.
•It alse would eliminate the need to carry money, eliminate rubber checks and conterfeit money, and minimize the possibility of error.
•It would provide a detailed record of all transactions.
EFT would also eliminate
•The expense of making money. The cost of manufacturing a penny now exceeds the value of the coin!
•The disadvantages are equally note-worthy. The critical issue is EFT’s potential for the misuse of personal information.
•EFT generates a chronological record of all purchases.
In effect, this type of system
•Permits every thing about an individual to be monotired, from life style to location. Opponents of EFT are also concerned about its vulnerability to crime.
•Although there is a trend toward more electronic funds transfer, some experts feel that EFT is about to reach its peak of acceptance. Others think that total EFT is inevitable by the turn of the century.
