What if Debit Card Transactions Exchanged at Par?

The article focuses on the development of check platform in the U.S. which started from the Civil War to the World War I. During the national banking era, checks became a more efficient payment medium than bank notes and drafts. To deal with not-at-par banking-related issues, the Federal Reserve entered the check clearing business. The Congress passed the Depository Institutions Deregulation and Monetary Control Act in 1980 and debit cards emerged in the twentieth century.