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When you are putting your hard earned cash into a bank account, you need to know that you are going to get the best deal you can. For that reason you need to very carefully compare bank accounts and compare savings accounts on offer. Basically, there are two kinds of bank accounts for managing money on an everyday basis: a basic account and a current account. There is also a savings account for managing money on a long-term basis.
If you are worried that you may not be able to effectively control your spending, then when you compare bank accounts, a basic bank account may be the best choice for you. A basic account will still let you draw money for your personal use, and pay any bills that may arise. However, with a basic account you will be unable to spend more money than is in your account. In other words, you will be unable to put yourself in debt.
Many people like the restriction of the basic account. It imposes a discipline on them that, for whatever reason, they feel unable to impose on themselves. With a basic bank account you will get a cash card. This card can be used to withdraw money up to an agreed limit from any bank cash machine.
Some basic bank accounts will also offer a debit card. This will allow you to also pay for items without having to use cash, and in some cases you can also use a debit card online. But like the cash card, the debit card won't put you in debt. Bear in mind also that with a basic bank account you will not receive a chequebook, and you will not get an overdraft facility, even if you ask for one.
The other type of bank account that lets you manage day to day thing, such as drawing money or paying bills, is the current account. With a current account you need to be more watchful of what you are doing as it is possible to overspend. A current account requires more disciplined money management.
However, this is the most popular type of bank account with millions of people worldwide operating one quite successfully. They may overspend occasionally, but they have confidence in themselves that they can manage their money sufficiently well and not encounter any long-term difficulties.
With a current account at a bank you will get a cheque book. You will also get a debit card and a bank guarantee card, which will make your presented cheques acceptable. You will also be able to set up direct debits and standing orders, and you will be able to use the BACS (Bankers' automated clearing service) system to accept money from other sources, such as wages from an employer. In addition to all this, you will be able to set up a bank overdraft, with the bank's prior approval, of course.
The other type of bank account is the savings account. As its name suggests, this is an account that is used to invest savings. A wide range of savings accounts is available from most banks. When you compare savings accounts you should keep in mind the many different types including, but of course, not limited to:
o Internet savings accounts - these can often offer better interest rates as they have lower administration and set up costs, which means that what they save in overheads can be passed on to you.
o Instant access savings accounts - these have some of the benefits of a current account, allowing instant access to your account with being penalized for it.
o Notice savings accounts - with this kind of account you need to give an agreed period of notice in order to withdraw money.
o Fixed rate savings bonds - these offer a guaranteed fixed rate of interest for the time period that your money is invested.
o ISA accounts - these allow a limited investment each year with tax-free interest, and they come in two types, mini and maxi.
o TESSA only ISA accounts - this is a Tax Exempt Special Savings Account, meaning that the interest is tax free, but the investment has to be for five years.
o Child savings accounts - special savings accounts for children, which are often separated as children under 12 and children between 13 and 17.
All bank accounts will accrue interest. In fact, it's difficult to compare bank accounts, or compare savings accounts without taking interest rates into the equation. The amount of interest gained will depend on the rate offered and the amount invested. Generally speaking, a savings account will accrue more interest than either a basic account or a current account.
Money Only provide clear and impartial answers to anybody wishing to compare bank accounts in the UK.
Automatic Identification and Data Capture (AIDC) Technology
Automatic Identification and Data Capture (AIDC) is a unique technology by which data is automatically gathered from a person, object, image or sound without the clumsiness of manual data entry that sometimes, is prone to errors. AIDC applications are seen to increase productivity and can be utilized in inventory management, Logistics, asset management, documents retrievals, security, and access control. It is commonly found in different sectors such as manufacturing, health, transportation, medicine, distribution, government, retail, and many more.
The primary functions of AIDC devices are to identify, validate, track, monitor, evaluate targets and interface with other systems using various application methodologies. However, setting up frameworks for solutions in AIDC environment varies and depends so much on the platform for implementation. Solutions for barcode, radio frequency identification (RFID), smart card, magnetic stripes, optical character recognition (OCR), magnetic ink character reader (MICR) or biometrics may not be interchangeable. Meanwhile, each of the platforms can stand-alone or can work in combination with the other seamlessly.
Bar-code
Bar-codes consist of single rows of varying predefined black lines and white spaces. Bar-codes labels are used for many purposes and commonly found affixed on products in retail store, Identity cards and postal mail for the purpose of identifying a particular product, person or location. Bar-codes of this nature are referred to as 1D (one dimensional) or linear bar-codes and the most prevalent today are the UPC/EAN, Code 93, Code 39, Code 128, and the Interleaved 2 of 5. The coding capacity is not more than 30 characters with some strictly limited to numeric encoding, while others allow both numeric and alpha-numeric in their coding. A bar-code reader uses a laser beam to scan through the predefined lines and spaces called elements to receive a light reflection which is converted into an electrical signal that the reader eventually translates information from the image to digital data and sending it to a computer for storage or for another processing.
2D bar-codes store information stacked or matrix formation as opposed to one-dimensional bar-codes. In 2D barcodes, there are three known symbologies prevalent in Stacked, Matrix, and Packet. They all geared to store increasingly large amount of data in a very small space. Examples of Stacked Symbology include PDF417, Code 49 and Code 16K among others. Matrix symbologies include Maxi-Code, QR Code, Data Matrix, and Aztec Code while Super Code is a Packet symbology and in the Stacked family. Each of the stated 2D barcode can store up to 7,089 characters of coding.
Unlike 1D barcode, 2D barcodes require special scanner to be read. Matrix symbology need a vision based scanner to read data, while some of stacked symbology require a raster laser scanner to be read.
Radio Frequency Identification (RFID)
Radio frequency identification (RFID) system consists of three major components, an antenna, transceiver (reader) and a transponder or tag. The antenna emits signal that activates the transponder to read and write data to it. When an RFID tag or transponder passes through the electromagnetic zone, it detects the activation signal of the reader. The data collected is used to notify a programmable logic controller that some specific actions wish to occur.
Because RFID does not require direct contact or line-of-sight scanning and its ability to read multiples of tags concurrently, RFID tags are replacing barcodes in many applications such as inventory management, Assets tracking, Manufacturing, Supply chains, Logistics and many more.
Magnetic Strip
Magnetic stripes are usually seen on credit cards, debit cards, Access Door cards and swipe cards. The stripe comes embedded with iron-based magnetic particles in form of tiny bars. When the bars are magnetized data is written on the stripe within the upper or lower direction of the card. The writing process known as flux-reversal makes the magnetic field to be detected by the reader.
Smart Cards
Smartcards are made of synthetic or polythene materials and usually the size of a credit card with an embedded microchip. A smart card has higher capacity storage than many other forms of card technology input devices. It can be loaded with critical data such as cash credits, Value Cards, Phone cards, Vending Machine cards etc. The smartcard system is a mechanism to move verification off line without compromising security.
There are available two kinds of smartcards. One is referred as "dumb card" because of ability to rewrite on it after use. The other not only has memory but also microprocessor that protects access to the card. This again comes in two versions - the contact and the contactless versions of smartcards. The difference between the two versions of cards is that the contact card passes through the smartcard reader to be read while the contactless card does not. Contactless cards are read from a distance from the reader.
Optical Character Recognition (OCR)
Optical Character Recognition (OCR) is designed to recognize printed or written text characters. Meanwhile, in Optical Character Recognition operation, the text characters are scanned and the character image analyzed for translation into machine-readable code or what is called ASCII format. OCR is also used for documents retrievals, archives, mail sorting, checks processing, and credit cards payments as in magnetic optical readers.
Biometrics
Biometric device is a technology that identifies individuals based on unique or physiological characteristics such as fingerprint, palm print, blood vessels pattern, hand geometry, face structure, iris, bone formation or voice layout.
Biometric system has scanner (reader) as a component. It will also have a match-point database by which interrogation will be conducted prior to authentication. Authentication means acceptance; it equally means that the matching profile has approval to access confidential information or to gain entry to a location upon validation. Otherwise, outright denial is recorded. Corporate bodies, public and private sectors are rapidly adopting biometrics in their facilities as applications in different levels of biometrics are being developed and improved. Equally, costs of applications and acquisition of biometric devices are increasingly going down while accuracy and product effectiveness is gradually in the upbeat within the recent years.
About the Author
Isdore C.A. Enwere is an Information and Telecommunication Consultant and writes from Lagos, Nigeria
Email: info@infocrane.com
Website: http://www.Infocrane.com
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