Good opportunity to send your students out to the web to find relevant news about fundamental changes ahead for payment systems in the United States.  Here is a good starting set of questions for them to find answers to:

• What is happening on October 1st with debit and credit cards?
• Why do you think this change is happening?
• Who will now be liable for payment fraud after this date?
• Will this new type of card eliminate fraud? Why or why not?
• How will consumers be affected by this change?

Here is a sampling of article to get your students started:

• Interview with MasterCard Executive VP (Benzinga)
• Are the new chip cards a cure for credit card fraud (Deposit Accounts, updated)?
• What you need to know about chip-and-pin credit cards (Money)
• You’ve received your new chip card –what now (NerdWallet)?

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.