Advantages
(1) You don’t have to carry cash around with you.
(2) If your card is stolen, the thief cannot get your money without your PIN.
(3) You can use it to pay at some retail shops.
Disadvantages
(1) If you forget your PIN number you cannot use the card.
(2) The system can be off-line.
(3) Training is needed.
(4) Difficult to maintain spending discipline.
ATM or Bank Card
Advantages
(1) You can withdraw cash at any time, day or night. The banks don’t need to be open.
(2) ATMs offer the convenience of multiple locations. You can withdraw cash at any bank that is part of the system to which your ATM card is linked.
(3) Your ATM card is protected by a PIN, keeping your money safe.
(4) You don’t need to fill out withdrawal and deposit slips as is required at the bank.
(5) ATMs are faster than going to the bank—no long lines.
(6) You can withdraw cash at ATMs in foreign countries.
Disadvantages
(1) ATM may be off-line (system down).
(2) You may forget your PIN number.
(3) Risk of robbery when you leave the ATM.
(4) The ATM can break down or run out of cash.
(5) Fees charged to use ATMs of other banks can become expensive.
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