Full Form of ATM. What is an ATM machine

ATM full form: What we know as ATM is called Automated Teller Machine. It is an electronic machine which makes our transactions easy. Because often people withdraw the money available in the bank directly from the ATM without going to the bank. For which they only have to go to the ATM. To withdraw cash from the ATM, you only need to have a debit or credit card. ATM is not a new thing, to understand the importance of ATM and how ATM works, you have to read this article.

What is ATM? Know here

ATM allows you to freely withdraw money from your account without going to the bank. If you have a debit or credit card, you can withdraw money from the ATM. For this, you have to go to the ATM machine. After this, you can withdraw money after inserting the card in the card slot of the machine and entering the PIN number.

How many types of Automated Teller Machines (ATM) are there?

There are different types of ATMs based on their functionality and location. You can see the list of these below.

• Basic units: Everyone can use them easily. They are mainly used to withdraw money, check balance and get account details.
• Complex units: Their use is a little difficult. You can do activities like cash or check deposit, bill payment and loan through them.
• On-site ATM: You can often see this type of ATM outside the bank.
• Off-site ATM; Such ATMs are found in banks and other places.

ATM full form

The full form of ATM is “Automated Teller Machine”. People often use it for money transactions. It is often seen outside a bank or in a public place. ATMs work to simplify banking services.

Classification of ATMs

• White-label: ATMs operated by a private company are called white-label ATMs.
• Green label: Such ATMs are often for villages. From where the villagers can easily do agricultural transactions like crop loan, subsidy, insurance etc.
• Brown label: The owner and hardware system of such ATMs are in the hands of someone else.
• Orange label: ATMs used for stock market transactions.
• Yellow label: It is used for e-commerce transactions like online shopping and bill payments.
• Pink label: ATMs providing security to women customers.

Know the benefits of ATM

The benefits of ATM are as follows:-

• ATM services are available 24×7.
• This has reduced the burden on bank employees.
• Time spent going to the bank is saved.
• It is a simple and secure process to withdraw cash.

ATM usage

ATMs can often be used by cardholders only. They can carry out financial transactions from their nearest ATM instead of going to the bank whenever required.

• Cash withdrawal: ATM is used the most for withdrawing money.
• Balance checking: Apart from this, people also use it to check their bank balance.
• Deposit: For the past few years, there is no need to go to the bank to deposit money in the account. You can do this work from the nearest ATM.
• Fund transfer: You can also send money from one account to another. For this, you just have to go to the ATM.

What is the importance of ATM machine.

ATMs are playing an important role in financial transactions and making them easier. The advantages of ATM are as follows:-

• You can avoid the hassle of daily transactions. Now you can do this work through ATM.
• With the help of ATM, you can withdraw money, deposit money and also check your balance.
• Apart from this, you can open fixed deposits, pay bills, apply for loan through ATM.

Know how ATM works?

ATM was started only for cash withdrawal. But later many services started being provided through it. See below the process of withdrawing money from ATM:-

• First of all insert debit or credit card.
• After this select your language.
• Now enter your PIN number.
• Now you can choose the type of payment.
• After this select the type of your bank account.
• Now you can withdraw cash.
• Check your cash amount.
• After this finally get your receipt.

History of ATM

Barclays Bank of London started the first Automated Teller Machine in the year 1960. Although this ATM had many shortcomings. But this machine was started after the bank was closed. After this, many facilities have been introduced. Due to which the ATM machine was improved.

In the 1980s, the demand and popularity of ATM increased. As people started using it more. In the same way, its shortcomings were removed. Today, we can withdraw money, check account balance, deposit money and take advantage of many other banking services from ATM.

Know the advantages and disadvantages of ATM

Just as ATM gives us many facilities like withdrawing money, checking account balance, depositing money and many other banking services, similarly we also get many disadvantages of ATM. It is very important to take care of them.

Because of ATM, we do not have to go to the bank to withdraw money from our bank account. We can do this work easily with the help of ATM.

The biggest concern in using ATM is the risk of theft or fraud. Your PIN can be stolen. Due to which money can be withdrawn from your bank account. Therefore, ATM should be used carefully.

Conclusion

Now we do not have to go to the bank to withdraw money and do transactions. We can easily do this work from the nearest ATM with the help of our card. For this, you just need to have some important information, ATM has reduced the workload of bank employees. In today’s time, ATM has become an essential machine for banking services. It is beneficial for every person.

FAQs

What do you mean by ATM machine?

This is a computing machine. With the help of which you can withdraw money. Or you can also deposit money in your bank account with its help. You can also check the balance of other banks.

What is ATM in answer?

ATM is called Automated Teller Machine. With the help of which you can withdraw money from your bank account.