ATM Card- An Electronic Banking Outlet
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The ATM is an Electronic device. It is used for the financial transactions like withdrawal cash, deposits, transfer funds, or check balance at any time. While using the ATM there is no need to contact the staff members directly.
ATM stands for AUTOMATIC TELLER MACHINE. It is a computer-based machine which is connected to a network and use for the basic functions. ATM keep your money safe. It is protected by the PIN code.
Advantages of ATM
- You can withdraw cash at any time.
- If your ATM card is linked to bank system you can withdraw your cash from ATM of any bank. There is no need to wait for open the Bank. You can use this ATM Machine day or night anywhere.
- The ATM is situated in the multiple locations.
- ATM card is protected by PIN code.
- There is no need to fill the deposit or withdrawal slip as required at the bank. It also saves your time because ATM is faster than the bank. No need to stand in the long queue.
Due to the problem of a system down the ATM may be Offline. The disadvantage of the ATM is that you may forget your PIN code. When you leave the ATM there is a risk of robbery. You have to pay the extra charge in case of using ATM of another bank. It can become expensive for you. If your ATM card is misplaced, lost, or stolen the misuse of your card is possible these days. In India, ATM services are not provided in the rural areas. In rural areas, there are a large number of banks with non-computerized branches. So that ATM service cannot be provided in rural areas.
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From ATM there is a limitation for withdrawal the cash. Some banks do not provide the facility of cash withdrawal more than Rs. 25000 at a time. ATM provides banking service for 365 days to its customers. The first step is that you have to insert the ATM card then set your language, enter your pin, transaction type, account type, enter the amount, take your money, and then other transaction.
Shepherd Barron invented the ATM. He invented the ATM device. He built his first model in 1967. It was the world’s first ATM installed in North London. The first ATM card is issued by British Bank Barclays in 1967.
In India, the HSBC [ The Hongkong and the Shangai Banking Corporation] bank introduced the concept of ATM first time in 1987. The most of the Bank have their ATM in various locations in India.