‘Safety PIN’ for saving
The Canterbury Building Society has introduced a new identification system for customers with savings accounts, the first such system in the country. Called “Safety PIN,”
where PIN stands for Personal Identifcation Number, the system is designed to make the customer’s banking simpler, safer and more convenient. It is available at no cost to the investor. When a customer makes a withdrawal at any of the C.B.S. branches he enters his PIN number on a small keyboard. The number is matched by the computer to his account.
The customer had previously selected his PIN number and entered it into the computer. He chooses four easily remembered digits, such as family birthdates or telephone numbers. At the same time the PIN number is automatically recorded on a magnetic stripe which is attached inside the customer’s savings' book. This PIN number is known only to the customer and the computer system. Then, at the time of making a withdrawal, the C.B.S. computer system, having identified the customer as the owner of the account, can display the current account details to the teller and the transaction can be completed. Customers travelling away from their own branch can now make instant withdrawals at any of the society’s 21 national branches without being required to provide proof of identity or to pay for a toll call to confirm the balance of the account.
The PIN system also enables members to “lend” their identification number
to family or friends to allow urgent transactions. To preserve security, customers may then change their identification number to another number at a later date. There are no worries of someone finding and using a lost savings book. Without the PIN number the book cannot be used. There are also no problems if customers forget their number. By offering proof of identify another identification num-
ber may be selected. “We've had a very favourable response from the public, who appreciate our efforts to simplify their banking procedures," says Mr Rob Earle, marketing manager of the C.B.S. “Safety PIN not only ensures the security of our customers’ accounts, it also allows for troublefree transactions anywhere in New Zealand." The PIN number identification system could also be used in automatic teller
machines when, the Society moves to 24-hour banking. The C.B.S. based in Christchurch, is the third largest building society in New Zealand. It was one of the first financial institutions in the country to install online banking terminals in all their branches.
The banking terminal equipment used is supplied by Philips. The terminals are connected into the CBL timesharing service bureau network.
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Bibliographic details
Press, 13 April 1982, Page 23
Word Count
433‘Safety PIN’ for saving Press, 13 April 1982, Page 23
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