Full form of ATM
- Full form of ATM is Automated Teller Machine.
ATM stands for Automated Teller Machine. It is a special kind of machine which takes out the money from your bank account when you insert a card and enter your pin and the amount you need to withdraw. With the help of this customers don’t have to visit bank account to withdraw money as transactions can be done with the help of a debit or a credit card. They are really popular as they provide withdrawing money 24*7. It also helps to deposit money, check bank balance, transfer money to other bank accounts etc.
The full form of ATM is automated teller machine. It is specifically designed machine for conducting banking transaction. ATM machine is popularly known for taking out money from one’s bank account just by inserting their credit or debit cards into the machine. Customers must remember their individual pin number linked with their credit or debit card for withdrawing money. ATM is popularly and majorly used machine in all over the world for withdrawing money 27*7 whenever they want. The most advantageous fact about using ATM is customers do not need to visit their bank branch where they hold account for money transaction. Apart from money withdrawal, customers can perform other function by using ATM which are money deposit, knowing account balance, transferring money to other accounts, change pin number etc. so, ATM is the most useful machine which we can use for various banking transaction of us. We can save time and efforts both just by using our credit cards and debit cards.
For the presence of ATM we do not need to carry cash wherever we go to some place. One can access one’s bank account from any part of the world, transfer money and deposit money just by using credit or debit cards. All the extended services provided by bank can be accessed through ATM machine, credit and debit cards. It is largely used in shopping malls, online shopping, and restaurants even in unknown places. Customers should be alert about their ATM pin number as they must keep it secured from other. Hackers can hack one’s account and withdraw money by dishonest means. If ATM cards get stolen by someone then other can misuse it. so, one should definitely be alert and keep ATM in safe place for avoiding any misfortune. Customers can get mini statements of their banking transaction records from ATM machine. There are special card reader within ATM for accessing cards and withdraw money. Various types of ATMs are there out of which white label ATM is one type.
What are the advantages of ATM?
- It helps in withdrawing money.
- It provides the facility to customers 24*7.
- You can access your bank account from any part of the world and can transfer funds, deposit funds etc.
- It can be used for online shopping as most shopping malls, restaurants accepting debit or credit card.
- All the extended services of the bank can be provided by the ATM machine.
What are the Disadvantages of ATM?
- If someone hacks your pin then u won’t be able access your bank account and all the funds may get lost.
- There is a limitation on the withdrawing of amount from the atm which is Rs.25000 in a day.
- Cash deposit facility is not safe as there is less security around the ATM.
- It is hard to provide ATM services in rural area.
- If ATM card gets stolen there are chances of someone misusing.
ATM Full Form Related FAQs
What is the Full Form of ATM?
Answer: Automated Teller Machine.
Can I deposit cash in ATM?
Answer: Yes, but not all the ATM provide this facility. And other details including fee depends on your bank.
Does ATM have cameras?
Answer: Most ATMs have inbuilt camera for security.
Also See: What is the full form of BBA
Send me more details about this.
An automated teller machine (ATM) is a computerized telecommunications device that provides the clients of a financial institution with access to financial transactions in a variety of ways.The ATM was invented by John Shepherd-Barron in 1967 and was introduced in London, England. The first ATM was installed at Barclays Bank in Enfield Town, north London on 27 June 1967.The first ATM in the United States was installed at Chemical Bank in Rockville Centre, New York on 27 September 1960.
Benefits of Automated Teller Machine
A banking machine is a device used to make payments or transfers of money. Credit cards, debit cards and cash are all types of payment that can be made using a banking machine. Some types of machines have card readers that allow customers to insert their cards, while others have keypads where people enter their personal identification numbers (PINs). There are also machines that scan customers’ bank cards and credit cards with radio-frequency identification (RFID) technology.
Some machines are located in banks or other financial institutions, while others are found in retail stores, restaurants and other public places. The main purpose of banking machines is to provide convenience for people who need to make regular payments. This can include day care centers, schools and businesses. They also enable consumers to buy items without the need for cash or credit cards. The ATMs provide service throughout the day and are open to all for cash withdrawing services only. The ATMs simplify the process of cash withdrawal and the hassle of manual cash withdrawal. The simple use of a card and the identification pin makes withdrawing cash a matter of minutes, thus saving time.
Some interesting facts
● There exists a gold ATM situated in the Emirates Palace Hotel in Abu Dhabi and instead of cash, gold can be withdrawn
● Brazil is known to have introduced biometric ATMs in different parts of the country to ensure double security check.
● India’s first ATM was inaugurated in 1987, installed by HSBC bank. It was located in Mumbai.