ZIMSEc O Level Commerce Notes: Bank/ Cheque Cards

Cheque or Bank Card.

  • A bank card is issued to account holders by a bank.
  • It has the following information on it:
  • The name and signature of the cardholder.
  • The name of the bank which issued the card and its logo.
  • The expiry date of the card.
  • The terms and conditions of use.
  • The card number.
  • The limit amount.
  • It enables the cardholder to draw cash from the customer’s bank.
  • Guarantees limited cash withdrawals at other banks.
  • Allows a customer to access a cash overdraft facility
  • Guarantees payment of cheques drawn by the customer.
  • Enables a customer to request a statement of account.
  • Uses a PIN for security reasons.
  • Can be used to transfer funds from one account to another or make payments.
  • Can be used at Point of Sales to make payments in supermarkets.

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