- A service used by banks that will eventually track account opening and closing information, cheque order history, cheque writing history, any history of collection activity on unpaid accounts, frequency of debit and ATM card use and household demographics. Under the system, when a consumer presents a cheque to a participating retailer, the individual's account is identified by punching a code into a computer or swiping a card containing a magnetic strip or microchip through an electronic reader, which tells the retailer whether to accept or reject the transaction.
tracking company, service provider, spending habits
Related Terms and Acronyms
- Debit — Definition,
- Another name for withdrawal of funds from your account.
- Debit Card (DC) — Acronym, Important,
- A payment card that is linked directly to a customer's bank account. Some cards require a personal identification number. Others require a customer's signature. A PIN-based or direct debit card removes a purchase price from a customer's chequing account almost immediately. A signature-based or deferred debit card has a Visa or MasterCard logo and removes the purchase price from a customer's bank account in two or three days.
- Demographics — Definition,
- Characteristics of the population that influence consumption of products and services. They include age, sex, race, family size, level of education, occupation, income and location of residence.
- Electronic Data Interchange (EDI) — Acronym,
- EDI is a system that companies use to exchange business information electronically, virtually eliminating paperwork.
- Smart Card — Definition,
- A card with an embedded computer chip which stores more information, performs more functions and is more secure than a credit card or debit card.