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ICT and Banks

ICT and Banks. Banks use mainframe computers to maintain customer accounts. They store a record of each customer’s withdrawals and deposits. Each bank mainframe is used to operate a network of ATMs. ATM. Typically, an ATM can be used for: Withdraw Cash; Check an account balance;

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ICT and Banks

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  1. ICT and Banks • Banks use mainframe computers to maintain customer accounts. • They store a record of each customer’s withdrawals and deposits. • Each bank mainframe is used to operate a network of ATMs.

  2. ATM • Typically, an ATM can be used for: • Withdraw Cash; • Check an account balance; • Order/print a statement • Transfer & payment • ATM = Automated Teller Machines

  3. ATM What are the parts of an ATM? Magnetic Stripe Reader Screen to display menu options Printer There will also be a slot somewhere on the machine to dispense the cash. Keyboard

  4. ATM • Using an ATM: • Insert a debit or credit card into the magnetic stripe reader. • It will read an account number from the stripe on the back. • ATM will then ask customer to use their PIN (Personal Identification Number) for security. • Customer asked to select an option from a menu on the screen. • To withdraw cash, the customer selects the relevant options and the request is sent to the bank’s mainframe where it is approved and updated.

  5. ATM • Advantages of using an ATM: • Banks can keep their operating costs down as fewer employees are needed to work at the branches. • Customers have 24 hour access to their accounts seven days a week. • There’s no need to carry large amounts of cash around as the large number of ATMs means that it is readily available. Next time your parent/guardian is going to the ‘Cash Machine’ ask if you can go along and watch the process!

  6. Types of Cards • There are 2 types of card you will need to be familiar with: • A Debit Card; • A Credit Card;

  7. Types of Cards • A Debit Card: • This card allows the user to transfer money from their bank account to the vendor’s bank account. • The money for the purchase of the item is taken from the customer’s bank account after 1 or 2 days. • The customer MUST have money in the account to cover the cost of the item.

  8. Types of Cards • A Credit Card: • This card allows the customer to purchase an item even if they do not have enough funds in their account. • The customer is then sent a bill each month totalling the cost of the items bought in that period. • The bill will contain an amount added for ‘interest.’ • The ‘interest rate’ will be determined by the Credit Card provider.

  9. Chip and PIN • What is Chip and PIN? • Found on debit and credit cards. • Customer places chip into a card reader and is asked to input their PIN (Personal Identity Number). • The PIN is the same one that is used in the ATM. • It is a security measure to stop people forging signatures and using a card fraudulently.

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