Finance:Bank card
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A bank card is typically a plastic card issued by a bank to its clients that performs one or more of a number of services that relate to giving the client access to a bank account.
Physically, a bank card will usually have the client's name, the issuer's name, and a unique card number printed on it.[1] It will have a magnetic strip on the back enabling various machines to read and access information.[2] Depending on the issuing bank and the preferences of the client, this may allow the card to be used as an ATM card, enabling transactions at automated teller machines; or as a debit card, linked to the client's bank account and able to be used for making purchases at the point of sale with a bank card using a payment terminal.
The first bank cards were ATM cards issued by Barclays in London, in 1967, and by Chemical Bank in Long Island, New York, in 1969.[3] In 1972, Lloyds Bank issued the first bank card to feature a personal identification number (PIN) for security along with the information-encoding magnetic strip.[4]
Historically, bank cards have also served the purpose of a cheque guarantee card, a now almost defunct system to guarantee cheques at points of sale.
See also
- Card (disambiguation)
- ATM card
- Charge card, payment card with balance paid in full by a due date
- Credit card
- Debit card
- Payment card
- Plastic card
- Purchasing card
- Stored-value card
References
- ↑ Gough, Belinda; Du Toit, Trudie (20 December 2007). FCS Hospitality Generics L3. Cape Town: Pearson Education South Africa. p. 120. ISBN 978-1770251335.
- ↑ Wonglimpiyara, Jarunee (1 March 2005). Strategies of Competition in the Bank Card Business. Sussex Academic Press. p. vi. ISBN 978-1903900550.
- ↑ Wonglimpiyara 2005, p. 1-3.
- ↑ Wonglimpiyara 2005, p. 5.
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