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Your Take: Completely Useless in Financial Life

Earlier this week I read about TD Bank’s new entirely flat debit cards on the Consumerist [3]. TD Bank will be issuing debit cards that no longer feature embossed text (letters that stick out), the face of the card will be completely flat. The embossed text made sense when “swiping” a card referred to the machines that rubbed the numbers onto a piece of carbon paper. The last time that happened to me was when the power went out at some retailer, they used the carbon paper as a backup and it made the loudest of noises.

The embossed numbers on the card have very little value with only the rarest of exceptions. Like your appendix, it once had a purpose. Today, it doesn’t and it’s completely useless in financial life.

That made me wonder, what other things in our financial world are now completely irrelevant but we don’t even realize it yet? The first thing on my mind was the money market account. Money market accounts sit in that world between checking and savings account. With most MMA’s, you can write up to six checks from your MMA and still earn an interest rate that’s higher than a checking account. But usually it’s better to open an account at an online bank [4] that offers both checking and savings accounts, transferring money from savings to checking as needed.

What other things in the financial world are completely unnecessary but we don’t even realize or recognize it yet?