Financial Transaction Device Law & Legal Definition


Financial transaction device means any instrument or device whether known as a credit card, banking card, debit card, electronic funds transfer or stored value card, or account number representing a financial account or affecting the financial interest, standing, or obligation of or to the account holder, that can be used to obtain cash, goods, property, services or to make financial payments.

Example of a state law ( Michigan) defining Financial transaction device

In Michigan, stealing, taking, or removing financial transaction device from the person or possession of a deviceholder or possession of fraudulent or altered financial transaction device is a felony.[ MCLS § 750.157n]

MCLS § 750.157m defines "Financial transaction device" as follows

f) "Financial transaction device" means any of the following:

(i) An electronic funds transfer card.

(ii) A credit card.

(iii) A debit card.

(iv) A point-of-sale card.

(v) Any instrument, device, card, plate, code, account number, personal identification number, or a record or copy of a code, account number, or personal identification number or other means of access to a credit account or deposit account, or a driver's license or state identification card used to access a proprietary account, other than access originated solely by a paper instrument, that can be used alone or in conjunction with another access device, for any of the following purposes:

(A)Obtaining money, cash refund or credit account credit, goods, services, or any other thing of value.

(B)Certifying or guaranteeing to a person or business the availability to the deviceholder of funds on deposit to honor a draft or check payable to the order of that person or business.

(C)Providing the deviceholder access to a deposit account for the purpose of making deposits, withdrawing funds, transferring funds between deposit accounts, obtaining information pertaining to a deposit account, or making an electronic funds transfer as defined in section 3(4) of Act No. 322 of the Public Acts of 1978, being section 488.3 of the Michigan Compiled Laws.