ZENITH BANK VIRTUAL ACCOUNT CARD

Following my last post on the BENEFITS OF AN ACCOUNTLESS NAIRA CARD, Zenith Bank Nigeria PLC offers two types of this card Naira and USD/pounds card.

The Naira card is powered or managed by Mastercard while USD/Pounds card is managed by Visa card.  Both cards can be funded with Naira.    

Conversion is done for the foreign currency card based on how much you are loading and the exchange rate at the time.   

These cards are operated through a virtual account.  Virtual accounts are used by Zenith Bank on transactions which are periodical and can be stopped at any time without informing the bank. 

Such accounts are used for things like salary payments, online payments and the rest.  Usually these accounts are off the book but very much legal.  Off the book in the sense that account cannot be operated as other normal accounts. 
  

Using this method, zenith bank is able to offer a Mastercard or Visa virtual account cards which can be used for online transactions, purchase through POS, mobile money transfer and withdrawal through ATMs.   

This is a better means of using money online, POS and ATM because you are only exposed to the amount loaded to the card only and not your entire bank account.   

Forget not to ask questions or add comments – use the comment box below.   

Next I will let you know how to get this card in less than one hour from any Zenith bank branch.

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BENEFITS OF AN ACCOUNTLESS CARD

Giving the extensive use of naira card mainly for online purchase of items, goods, and services, we get exposed to people we don’t know their background too well.

For every purchase through an online merchant we give out vital information which is confidential to our bank account. The information could be used to deduct hard earned money from our account. 

Out in the space are fraudulent sites that claim to be the main sites, hackers, and scammers and so on. For this reason, anyone who uses the internet for purchase should be very careful and should advance means of protecting their money.

One good means of averting this scam is by using an accountless card. The card can be in naira or any of the foreign currencies. This helps card holders to load a stipulated amount on the card depending on what you want to purchase thereby eliminating exposure to your entire money.

To this day, there are two banks in Nigeria that offer this type of card: Zenith Bank Plc and United Bank of Africa (UBA) plc. In my next post, I will take you through Zenith Bank instant card. 

Use the comment box below for your comments and questions.

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WHAT YOU NEED TO KNOW ABOUT YOUR BANK CARDS

There has been many changes in the way money is being carried and used for purchase of goods and services.  Most of these changes are being brought into effect by Central Bank to improve the economy, reduce spending, waste and improve security for her citizens.   

In a bid to achieve all this, technology has been sought after.Today we are faced with the reality of cashless economy, debit cards, credit cards, fund cards, ATM cards to mention but a few. 

Also, internet banking, e-marketing, e-commerce, e-government are forcing people who are not inclined in this aspect to fall into line.   

All this anyway does not come without means of losing hard earned money and valuables.  Citing example with an ATM card which is popular in this part of the world, or credit card elsewhere, you can purchase anything online with this card wherever it is acceptable provided you have an equivalent amount of what you want to purchase on the card.   

To do this all you need is your full name as used on the card and the card verification value(CVV). The CVV is very important as this is a 3-digit security number which only you have and signifies you are the bearer of the card.  It is the three digit number located at the backside of you ATM card after your signature pane mostly.   

Majority of the banks will not explain this to you.  Most ATM cards today come with all this information making it easy for anyone who is fraudulent to purchase with your monies on this card and still go scot free.
 
Inasmuch as bank cards are important and makes life easy, you should do the following to carefully protect your money. 

•  Keep all your banking cards securely and far from suspecting and even unsuspecting entities (because there is still suspecting anyway). 
• Separate your card number from your CVV number by memorizing your CVV number and saving your card number in your phone, diary or wherever you deemed fit.
• If possible use cards that are not tied to account (virtual).  Learn more Here.
• Ensure you have means of getting prompt alert on your account activities and bank cards.   
• This way you will be notified of all unknown activities. Have your bank's card customer care line numbers handy in order to block your account when you suspect any fraudulent move.
• This stops further access to your account and can be reopened when the coast is clear.

 

Use the comment box below for your comments.

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