The Kaldan National Bank is the nation’s only bank. The bank account will be opened immediately upon receiving an NIN (National ID Number) card. More information on the card itself will be provided in another page. The NIN card will have the NIN number, and an EMV chip. Merchants may choose to require a PIN which would have been established when acquiring the card. Also, there will be a sequence number. This number will annul any previous card that has been reported lost or stolen. In example, the first card will have a sequence number of 1. If that card is stolen, then the citizen will acquire a new NIN card which will have a sequence of 2. This will mean the card with a sequence of 1 will be invalid.
The account number, and NIN of the citizen will be the same. This means any bank transfer will just require knowing the NIN. This however does not mean that someone knowing your NIN will be able to withdraw money out of your account. You must authorize all withdrawal requests. This could mean using your NIN card, or accepting a transfer request through the banks portal (https://portal.bank.ka). The NIN card will have all of the features you would expect from an ID card, so the merchant can always ask to see the card, and compare the photo with the person using the card. The account can also have checks which can be used to send funds over the mail. Checks will always be issued by Kaldan National Bank, and at affordable cost. This is because banking and money is considered as an essential resource. All merchants in Kaldus will be required to accept bank card payments. Accepting credit cards only will be illegal.
There will be no physical money. This saves the government on costs of printing and minting money. It would also have hardened cyber security to prevent fraudulent activities. All account transactions must be recognized, and money doesn’t just magically appear in one’s account. Anyone that uses their account in a fraudulent manner will face prison terms for fraud, and will have their account limited when they get released. To transfer money from person to person, checks will likely be the most effective way. ATM machines will be available to check balances, and deposit checks. This will reduce the need for bank branches. ATMs will reduce the demand on having to need for bank branches.
Unlike some countries, the Kaldan National Bank will be protected for their accounts no matter how much the account has. This is a vastly different means from some standards with other banks, and the reason for this enhanced protection is the fact that there is no physical currency, and there is only one bank that is controlled by the government. With these considerations to consider, it would make sense to fully cover a bank account.