Page 92 - DCOM208_BANKING_THEORY_AND_PRACTICE

Unit 6: Type of Deposit Account

Front of card contains following: Notes
1. Name: Name of person authorized to use ATM card.
2. Card No: This is a unique 16-digit number embossed on card.
3. Validity: Card is valid for use from the day one receives it till the last day of the
month/year (MM/YY) indicated in the card.
4. Visa Logo/Master Card Logo.

Figure 6.3: Backside of an ATM Card

Source: http://www.nodachi.co.uk/_images/_printmedia/large/sbi-gall02.jpg
Reverse of card contains:

1. Signature Panel: Panel with card holder signature.
2. Contact information / Help line Numbers.
3. Magnetic stripe: The most important and secured part of the card. It is made up of tiny
iron-based magnetic particles in a plastic-like film. It stores card holder’s name, and the
card number, the expiry date, along with other bank-specific information

Did u know? The first magnetic stripe card ATM was installed at New York’s Chemical
Bank in 1969.

6.2.5 Credit Card

A plastic card issued by a bank, business, etc., for the purchase of goods or services on credit is
known as a credit card. Credit card issuers usually remove interest charges if the balance is paid
in full each month, but typically will charge full interest on the entire outstanding balance from
the date of each purchase if the total balance is not paid.

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