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In your wallet, maybe there is a debit card, a few credit cards, an old ID, a few loyalty cards, and hopefully not too many receipts.

Whatever your wallet holds, it tells a story. And over the past seventy-five, the way we pay and manage our money has changed quite a bit.

As MCCU celebrates its 75^th anniversary with its members, it’s fun to look back at how something as ordinary as buying something has evolved. The way we move money has dramatically changed, but one thing has not—the importance of keeping your money safe. 

Seventy-five years ago, if you wanted to buy something, there was a good chance you were reaching into your pocket for cash. That meant visiting your local branch to withdraw money, carrying it with you and using it to pay for everyday items, or to pay other people.

Was it simple? Sure. Was it convenient? Not always.

If you didn’t have enough cash to cover the purchase, it meant another trip to the branch or leaving that item behind. If you lost your wallet, well, that could make for a very bad day.

Then came checks, they changed the way people thought about carrying money. Your money could stay safely in your account until the check was cashed. For generations, balancing a checkbook was a weekly part of managing a household.

Then technology gave us another option: the Automated Teller Machine, better known as the ATM.

An ATM card changed the experience in a big way. Suddenly, accessing cash didn’t require a trip to the branch during business hours. Money could be accessed beyond the teller line, and banking became something we could do on our own schedule.

Cash was still there. Checks were still there. But the card could connect you to your account on your schedule. And that small piece of plastic was about to become even more useful.

Enter the debit card.

Instead of simply using your card to withdraw cash, you could use it to make purchases directly from your account.

First, swipe. Enter your PIN. Later, insert. Then tap. That little rectangle of plastic became a convenient way to pay for just about everything.

Magnetic stripes eventually gave way to security chips and additional security features helped pave the way for contactless payments.

Today, you don’t even need to pull the physical card out of your wallet at all. Your wallet can now be digital. Your debit and credit cards can live on your phone or smartwatch. Hold your device near a terminal, and away you go.

But behind that simple tap is an abundance of technology designed to help keep you and your funds safe.

And yet, technology can only do so much.

Criminals continue to find new ways to trick us, which means the human element will always matter. One of the biggest things you can do to protect yourself is simple: never give away a one-time-passcode.

One-time-passcodes, also referred to as OTPs, are designed to help confirm that you are really the person trying to access an account or complete an action. If you receive a text or email with a verification code (aka, the OTP) and someone calls or messages you asking you to provide that code, stop.

Yes, even if they say they are from your financial institution. Even if they know your name. Even if they know information about your account. Even if their caller ID appears legitimate.

Do NOT give them the code.

A legitimate financial institution will never ask you to provide a one-time passcode (OTP) that was sent to you for verification.  The code is for you.

The same goes for your card number, PIN, passwords and other secure information. Treat those as the keys to your financial life.  In many ways they are.

Tap, Swipe or Insert, but Stay Alert.

Technology will continue to change, but the basic rules for protecting yourself remain remarkably consistent:

• Keep your card and account information private.
• Never share a PIN or OTP.
• Turn on transaction alerts via online or digital banking.
• Use card controls, such as temporary locks, spending limits, when available and appropriate.
• Submit travel notices before a trip.
• Be cautious of unexpected calls, texts, or emails asking for financial information.
• Check your account and card transactions regularly.
• If something looks or feels suspicious, contact us using a trusted phone number or communication method, not a number or link provided by the person contacting you.
• Report lost or stolen cards, or unauthorized transactions as soon as possible.
• And don’t be embarrassed to tell us the truth. We’re all human, and scammers are good at what they do.

Remember, scammers don’t need to have your physical card to steal your money. Sometimes they just need that one piece of information they can trick you into providing.

So, What’s Next?

Looking back over the last 75 years, it is hard to imagine what the next 75 will bring.

Will we have physical cards? Will phones and watches become an even more prominent way to pay? Could options like buy now, pay later become a more common way to manage certain purchases? Will biometrics play a bigger role in security?

The possibilities are unpredictable in an industry that continues to change rapidly. And while no one can say for sure what the future of cards will look like, we can expect payment experiences to become more digital, personalized and connected.

Regardless of what comes next, it will be important to understand how new tools work and how they fit into your financial goals. Convenience is valuable, but so are transparency, security and control.

Whatever comes next, one thing is certain: the way we interact with our money will continue to evolve. And through all those changes, MCCU’s goal has remained the same: to make it easier for you to access your money while also helping you keep it secure.

So, the next time you pull out your wallet, enter your card information online or tap your phone to a terminal, take a second to think about the journey that little payment has taken.

Seventy-five years of banking history can fit into your wallet. And whatever comes next, we’ll be here to help you navigate it safely.