In our all-digital economy, only the computer knows

ATM Card:  funnelinc.com

Branches Digitize the Cash

What's on Your Card?

The magnetic strip on the back of your card does it all. It holds two "tracks" of information: your name and account number, and another randomly generated number— a "token" that is held on file at the bank to aid against card counterfeiting. Some cards store your PIN on an embedded chip, but most U.S. banks keep your PIN in a core data server, where it can be updated if you decide to change it. The account number on the magnetic strip also acts as a map that leads to your funds. The first five or six digits are called bank-identification numbers. When you use the card, they're matched to a "lookup table," which routes your request for funds to the core data center, which handles your transaction.

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5 Comments

Careful on how you state that

Very good article.
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Everyone uses money. We all want it, work for it and think about it. If you don't know what money is, you are not like most humans. However, the task of defining what money is, where it comes from and what it's worth belongs to those who dedicate themselves to the discipline of economics. While the creation and growth of money seems somewhat intangible, money is the way we get the things we need and want. Here we look at the multifaceted characteristics of money. Some say it is the love of money that is the root of all evil. Others say that the only people, who believe that, are the ones who don't have any money. Regardless, it seems so much more important during a recession. More people are getting payday loans yet donations to foundations and charitable contributions have increased from some people. (Some no doubt in order to get a tax break, but hey – every little bit counts.) How do you feel about payday loans and money?



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