The full form of ATM is Automated Teller Machine. This is a type of electro-mechanical machine used for managing financial transactions with the help of a Bank account. In simple words, these machines help in withdrawing our money from our Bank accounts. If a customer goes to the bank and stands in front of the cashier, they count in the notes and hand them over to the customer. The same way machine publishes the amount we take and shows the balance of the amount there in the account. Therefore, this system is known as an Automated teller machine.
An automated teller machine, also known as ATM, is an electro-mechanical used for making and managing transactions with the help of the bank. In simple words, ATMs are used for withdrawing money from the bank account any of the time, and ATM centers are 24×7 open for people. It is the easiest way for starting money.
The process of ATM is as follows: It allows the account holder to have a card to withdraw the money without visiting the bank. This is a type of Banking process since it’s automated machines and no humans are required for all these cash transactions. There are two types of ATMs available, one is used to withdraw cash facility and another one comes with even depositing cash facility. Additionally, ATM facilities are quite exploring and nowadays displays cash and cheque deposits, fund transfer, and also information about cash withdrawal. It also displays Balance inquiry, PIN generation if any, and changes made in a PIN number. And it also provides mini statement generation. Overall, ATM was initially introduced in the year 1969 by the Chemical Bank in New york.
The machine is a telecommunications-controlled and computerized device that provides customers with financial transfer-related services, such as cash withdrawal, deposit, money transfer, or account information. The customer does not require the help of a cashier, clerk, or bank teller in this transfer process. ATM machines have two types of switches.
The ATM machine was invented by the engineering team led by John Shepherd Barron of the printing firm De La Rue. Nearly 99% of ATMs in India communicate through leased lines which is a high-speed network. The ATM uses two types of switches namely, VP switch and VP VC switch.
In the state of Kerala, Floating ATMs are found. They are owned by the State Bank of India and have been installed on a ferry so that the people there can use them. The highest ATM counter is located at Nathu-La and it is owned by the Union Bank of India.
| Term | Full Form |
| ATM | Automated Teller Machine |
FAQ’s
This is a type of electro-mechanical machine used for managing financial transactions with the help of the Bank account. In simple words, these machines helps in withdrawing our money from our Bank accounts.
ATM is short form of Automated Teller Machine.
Automated Teller Machine is short form of ATM.
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