What is it atm

Automated Teller Machine (ATM)

Amanda Bellucco-Chatham is an editor, writer, and fact-checker with years of experience researching personal finance topics. Specialties include general financial planning, career development, lending, retirement, tax preparation, and credit.

Matthew Collins / Investopedia

What Is an Automated Teller Machine (ATM)?

An automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access cash at most ATMs, either in the USA or abroad.

ATMs are convenient, allowing consumers to perform quick self-service transactions such as deposits, cash withdrawals, bill payments, and transfers between accounts. Fees are commonly charged for cash withdrawals by the bank where the account is located, by the operator of the ATM, or by both. Some or all of these fees can be avoided by using an ATM operated directly by the bank that holds the account. Using an ATM abroad can cost more than using one in the USA.

ATMs are known in different parts of the world as automated bank machines (ABMs) or cash machines.

What is ATM – Definition & Uses

An ATM (Automated Teller Machine) is an electronic machine used for financial transactions. As the term implies, it is an ‘automated’ banking platform that does not require any banking representative/teller or a human cashier.

What is Automated Teller Machine – Definition

ATM’s full form is Automated Teller Machine which is a self-service banking outlet. You can withdraw money, check your balance, or even transfer funds. Different banks provide their ATM services by installing cash machines in different parts of the country. You can withdraw money from any of these machines irrespective of whether or not you are an account holder in the same bank.

Transactions are either free or bear a nominal charge depending upon the banks. Banks usually do not charge for the first 3-5 transactions in a month. Once you cross the limit of free transactions, you may have to pay a nominal charge. Also, some banks levy charges if you withdraw money from another bank’s ATM of which you are not an account holder.

Types of Automated Teller Machines (ATMs)

Automated Teller Machines (ATMs) are mainly of two types. One is a simple basic unit that allows you to withdraw cash, check your balance, change the PIN, get mini statements and receive account updates. The more complex units provide facilities for cash or cheque deposits and line of credit & bill payments.

There are also onsite and offsite Automated Teller Machines: the onsite ATMs are within the bank premises, unlike the offsite ones which are present in different nooks and corners of the country to assure that people have basic banking facilities and instant cash withdrawals if they can’t go to a bank branch.

ATMs can also be categorized based on the labels assigned to them. Some of these labels are listed below-

There are also a few biometric Automated Teller Machines that need fingerprints & eye scanners to be operated.

Uses of an Automated Teller Machine

Automated Teller Machines have revolutionized the banking sector by providing easy access to customers and loading off the burden from bank officials. Some of the uses of an ATM are-

How to Use ATMs?

To avail of the facility of Automated Teller Machines, you need to have a bank account and an ATM card against the account for the same. Most of the time, banks issue a debit card that you can use not only at ATMs but also at online payment gateways or card swipe payments.

Every Automated Teller Machine has some common basic parts, even if they may differ in size and design. These are:

1. Input Devices

2. Output Devices

To Conclude:

Thus, we see that ATMs have multiplied the accessibility and convenience of the people. It helps people to have cash in times of urgent need. It is useful especially when you are not at the place of your bank branch where you hold an account or when banks are closed. You can withdraw cash even on bank holidays or after work timings because you are not dependent on them.

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ATM is a money term you need to understand. Here’s what it means.

What is an ATM?

An ATM, which stands for automated teller machine, is a specialized computer that makes it convenient to manage a bank account holder’s funds. It allows a person to check account balances, withdraw or deposit money, print a statement of account activities or transactions, and even purchase stamps.

Deeper definition

ATMs were first used in London in 1967, and after 50 years, these machines can be found nationwide.

ATMs can be on-premise or off-premise. On-premise ATMs are located in financial institutions. Clients enjoy more choice, convenience and availability, while banks can boost their revenue from transactions, lessen operational costs and maximize staff resources.

Off-premise ATMs are typically found in places such as airports, grocery and convenience stores and shopping centers where there is a simple need for cash.

ATMs are simple data terminals with four output and two input devices. They have to connect to a host processor and communicate through it. The host processor works like an Internet Service Provider (ISP), a portal through which all the various networks of ATMs become accessible to the bank account holder with either a credit card or debit card.

ATM examples

An account holder can use an ATM to carry out a number of transactions.

Withdrawals are the most common transaction among ATM cardholders. This allows them to withdraw cash from their accounts. For a withdrawal, account holders just have to key in the amount they wish to take out.

ATM deposits also are becoming popular. Account holders can deposit money and checks if their bank allows it.

Balance inquiries allow account holders to view their current account balance. This feature may be helpful if account holders need to know the amount of money they can spend with their debit card or credit card.

Transfers and payments are also available depending on the bank. This allows account holders to move money from one account to another, without withdrawing cash.

Account holders using an ATM not affiliated with their bank will most likely have to pay a fee. ATMs always disclose these fees on their screens, and they give users an option to cancel the transaction if they do not want to pay the fee.

Users should be aware of the threats that target these machines. For safety reasons, users should transact at ATMs located in well-lit public places.

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What is it atm

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