full form of ATM | What does ATM mean?

Automated Teller MachineATMAutomat Teller Machine (or ) is a machine that dispenses cash to customers without the assistance of a bank staff or human cashier.

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KEY TAKEAWAYS

  • Automated teller machines allow customers to make transactions online without having to visit a bank branch.
  • Some can be used as cash dispensers, while others are capable of allowing a wide range of transactions, including check deposits, balance transfers and bill payment.
  • ATM fees can be kept low by using ATMs branded by your bank as often and as frequently as possible.

Understanding Automated Teller Machines

Although the first ATM was installed at a London branch of Barclay’s Bank, in 1967, there are also reports that a cash dispenser was used in Japan during the mid-1960s. In the 1970s, interbank communication networks were developed that enabled consumers to use their card at ATMs from other banks.

Within just a few years ATMs were all over the world, with a presence in every country. ATMs can now be found in small island countries like Kiribati or the Federated States of Micronesia.

More than 3.5 Million ATMs are in use around the globe.

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Different types of ATMs

There are two types of ATMs. The basic units allow customers to withdraw cash, update their account balances and make withdrawals. Complex machines can accept deposits and facilitate line-of credit payments and transfers. They also allow access to account information.

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A user can only access the advanced features of these complex units if they are a bank account holder.

Analysts predict that ATMs will grow in popularity and there will be an increase in ATM withdrawals. Future ATMs will likely be full-service terminals that can also function as traditional bank tellers.

$60

Average cash withdrawal from an ATM per transaction.

Although each ATM’s design is unique, all ATMs share the same basic components:

  • Card reader:This is the part that reads the chip on your card’s front or magnetic stripe on its back.
  • Keypad: The customer uses the keypad to enter information such as their personal identification number (PIN), type of transaction and amount.
  • Cash dispenser: Bills can be dispensed via a slot located in the machine that is connected to the safe at the bottom.
  • Printer:Consumers can request receipts to be printed here if required. The receipt details the transaction type, the amount and the account balance.
  • Screen:The ATM will issue prompts to guide the customer through the transaction process. The screen also displays information, including account balances and account information.

Many full-service machines have slots that allow you to deposit paper checks.

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Take Care: ATM Use

ATMs are placed inside and outside banks. Other ATMs can be found in high-traffic areas like shopping centers, grocery shops, convenience stores and airports. While ATMs found in banks can be multifunctional, those located off-site are primarily or exclusively designed for cash withdrawals.

To complete a transaction at an ATM, consumers must use a card to verify their identity. This could be a bank debit or credit card. Before any transaction can take place, consumers must be authenticated using a PIN.

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Many cards have a chip that transmits data to the machine. They work in the same way as bar codes that are scanned using a code reader.

ATM Fees

Account holders can access their bank’s ATMs for free, but it is possible to access funds via an ATM owned by another bank. MoneyRates.com reported that the average withdrawal fee from an ATM outside of a network was $4.61 in late 2019.

Some banks will reimburse customers for the fee, particularly if there are no ATMs in the area.

If you are one of those people who spends weekly from an ATM, the wrong machine could end up costing you almost $240 per year.

Frequently Asked Questions (FAQ).

What is the full name of ATM?

ATM stands for Automated Teller Machine.

What is the full definition of ATM in Business?

Automated Teller Machine

What are the full forms for ATMs in Worldwide?

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