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TOPIC: Banking
CONTENT: (a) Forms of payment
(i) Automated Teller machine
(ii) Western Union money transfer
(iii) Money gram
(iv) Computer and the bank
(v) e-banking
Sub-topic 1: Automated Teller machine, Western Union and Money Gram
Automated Teller machine,
The automated teller machine (ATM) or automated banking machine is a computerised telecommunication device that provides clients of financial institutions with access to financial services in a public area without the need of seeing a cashier, human clerk or bank teller. With most ATMs, the customer is identified using a plastic smart card that incorporates a chip containing a unique card number and some security data. Authorisation to use the service is provided by the customer entering personal identification number (pin).
Using an ATM a customer can access their bank accounts in order to;
- Make cash withdrawals.
- Make credit cash advances.
- Check their account balances.
- Request an account statement.
- Purchase prepaid cell phone credit.
- Obtain local currency when abroad.
Western Union money transfer
The Western Union Company is a financial services and communication company based in the United States. It has been in operation for over 150 years and has over 400,000 agents.
Western Union money transfer is a means of sending and receiving money easily. A sender presents the fund at Western Union office or any of their location and provides the details of the recipient. Western Union generate a 10-digit Money Transfer Control Number (MTCN) for the sender to be sent to the recipient. The recipient will go to the Western Union Agent Office at the designated location with the 10-digit MTCN and a photo identity card. Money is paid to the individual at the presentation of these details. Their services can be accessed via the internet, by phone, or by an Agent that could be a bank, travel agent etc.
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