Banking

Section 47 considers about the cash machines, automated payments, plastic cards, cheques and Electronic funds transfer (EFT). It includes ATM (Automatic teller machine), people can withdraw money by inserting cash cards and entering a PIN (personal identification number. When the money is withdrawn, it will immediately deduct from your account. There are more than 61,000 ATM in UK because it is very convenient to withdraw the money during the day time and night time. There are 2 types of automated payments: Credits and debits **__Credits: __** Money that is paid into your account. It includes salaries. **__Debits: __** Money that is paid from your account. Money will be deducted from your account because of electricity, gas, telephone, water rates etc.) Plastic cards have small chip inside which it holds the personal data. ATM will read this and transferred to the computer. These are the types of plastic cards: Cash cards, Debit cards, and Credit cards.  **__Cash card: __** It is only used to withdraw the money from ATM   **__Debit card: __** The money will be directly deducted from your account. **__Credit card: __** Opposite of debit card, the money will be deducted from your account at the end of each month. At the bottom of the cheques, the characters are written in magnetic ink. The computer will read this characters and it will input to computer. This type of process is called Magnetic ink character recognition (MICR). When the Cash card is used, the data inside of credit card will be sent to bank and automatically the amount of money will be deducted from the account. The name of this process is called Electronic Funds Transfer (EFT) <span style="font-family: 'Arial','sans-serif'; font-size: 10pt; line-height: 0px; overflow: hidden;">﻿ <span style="font-family: 'Times New Roman','serif'; font-size: 12pt; line-height: 115%;"> <span style="font-family: 'Times New Roman','serif'; font-size: 12pt; line-height: 115%; margin: 0in 0in 0pt; text-indent: 0.5in;">media type="youtube" key="oXavr0YhQeA?fs=1" height="344" width="425" <span style="font-family: 'Times New Roman','serif'; font-size: 12pt; line-height: 115%; margin: 0in 0in 0pt; text-indent: 0.5in;">Electronic funds transfer (EFT) <span style="font-family: 'Times New Roman','serif'; font-size: 12pt; line-height: 115%; margin: 0in 0in 0pt; text-indent: 0.5in;">media type="youtube" key="AdcicSIOu1s?fs=1" height="385" width="480"