What’s the Significance of the 16-digit Number on Your ATM Card?
In the digital age, an ATM card has become a necessity for people to carry out banking transactions without having to visit a bank branch every time. Besides, if you want to start net banking on your smartphone, you need an ATM card. However, with the ease of using an ATM card, people carry less cash in their wallets these days, leading to fewer worries about theft or loss of cash. You might have noticed a 16-digit number on the back of your ATM card, but have you ever wondered what it’s for? If you don’t know, we will tell you that the 16-digit number behind an ATM card is crucial as it’s directly linked to your bank account.
Let’s delve deeper into the meaning and significance of the 16-digit number on your ATM card.
• The first digit of the 16-digit number is related to the company or industry that issued the card. This number is also known as the major identifier number of the company.
• The next five digits after the first digit are called the issuer identification number. This helps determine the company that issued the card.
• The next nine digits are directly connected to your bank account. Although it’s not your bank account number, it’s linked to it.
• The last digit of the 16-digit number represents the validity of the card. It’s also known as the check sum digit.
With the above explanation, it’s easy to see that the 16-digit number on your ATM card is essential. So, the next time you use your ATM card, remember the significance of the 16-digit number behind it.
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