Final answer:
The statement suggesting that all debit cards automatically renew upon expiry is false, as renewal policies differ among financial institutions. Debit cards facilitate electronic money transfers directly from the user's bank account.
Step-by-step explanation:
The statement that 'All debit cards automatically renew when they expire' is False. While many banks and financial institutions typically issue new debit cards to their clients before the old one expires, automatic renewal is not guaranteed for all debit cards. It largely depends on the bank's policy and the account standing. Debit cards, which allow the holder to transfer money electronically when making a purchase, are directly connected to the user's bank account. This means that the funds are real money that the cardholder has in their saving or checking account. Unlike credit cards, debit cards do not change the quantity of money in the economy; they simply facilitate the movement of the holder's existing funds.