A financial transaction device refers to any tool or instrument that enables a user to access funds or make payments. This includes items such as credit cards, debit cards, electronic funds transfer cards, and stored value cards. Essentially, these devices represent a financial account and can be used to obtain cash, goods, or services, or to make financial payments.
This term is commonly used in various legal contexts, particularly in criminal law, where it pertains to offenses involving theft or fraud related to financial devices. Legal practitioners may encounter this term in cases involving identity theft, fraud, or unauthorized use of financial accounts. Users can manage related legal matters using templates and forms provided by services like US Legal Forms.
Here are a couple of examples of abatement:
Example 1: A person uses a debit card at a grocery store to pay for their groceries, accessing funds from their bank account.
Example 2: A user makes an online purchase using a credit card, which is a financial transaction device that allows them to access credit for the transaction.
In Michigan, the definition of a financial transaction device is outlined in MCLS § 750.157m. This statute specifies various types of devices and their uses in financial transactions. Additionally, MCLS § 750.157n addresses the criminal implications of stealing or fraudulently using such devices.
| State | Definition/Use |
|---|---|
| Michigan | Defines financial transaction devices broadly, including various cards and access methods. |
| California | Similar definitions but may include additional protections against unauthorized use. |
This is not a complete list. State laws vary and users should consult local rules for specific guidance.
| Term | Definition |
|---|---|
| Credit Card | A specific type of financial transaction device that allows users to borrow funds up to a certain limit. |
| Debit Card | A financial transaction device linked directly to a user's bank account, allowing direct access to funds. |
| Electronic Funds Transfer | A method of transferring money electronically, often involving financial transaction devices. |
If you find yourself involved in a situation related to financial transaction devices, consider the following steps:
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It is any instrument that allows access to financial accounts or facilitates payments, such as credit or debit cards.