Abstract: A bicycle security system includes a locking bicycle rack and employs a user's automated teller banking card to operate the system and debit charges accrued in connection with use of the system from the user's bank account. The locking system has an electronic control means which locks and unlocks the bicycle rack by means of a banking card. The electronic control means includes a timer which tracks time in connection with use of the system. The control means thereafter calculates a charge based upon the use of the system and debits the accrued charges from the user's bank account via telephone modem. The locking bicycle rack incorporates three locking pins which lock the bicycle at the frame, the front wheel and the rear wheel to provide a high degree of security.