Which of the following statements is INCORRECT regarding the use of co...
Issuing of debit cards is not related with use of computer in the banks.
Which of the following statements is INCORRECT regarding the use of co...
The correct answer is option 'A': Banks issue only debit cards.
Explanation:
Banks issue not only debit cards but also a variety of other financial products and services to their customers. The use of computers has revolutionized the banking sector, enabling banks to offer more efficient and convenient services to their customers. Here are some statements regarding the use of computers in banks:
- Banks issue a variety of cards: Banks issue not only debit cards but also credit cards and prepaid cards. Debit cards allow customers to make purchases and withdraw money directly from their bank accounts. Credit cards allow customers to make purchases on credit, which they must repay later. Prepaid cards are loaded with a certain amount of money and can be used for purchases until the balance is depleted.
- Banks issue monthly account statements: Banks provide their customers with monthly account statements, which detail the transactions made on their accounts during that period. These statements include information such as deposits, withdrawals, purchases, and any fees or charges incurred. By using computers, banks can generate these statements quickly and accurately.
- Banks keep details of money deposited and withdrawn: Banks maintain detailed records of all transactions made by their customers. This includes information about money deposited into accounts, such as cash deposits, checks, or electronic transfers, as well as money withdrawn from accounts, either through ATM withdrawals, checks, or electronic transfers. These records are crucial for maintaining accurate account balances and for providing customers with information about their financial activity.
In conclusion, banks issue not only debit cards but also a range of other financial products and services. They use computers to generate monthly account statements and maintain detailed records of money deposited and withdrawn by customers.
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