An Automated Teller Machine (ATM)
An automated teller machine (ATM), or automated banking machine (ABM) is a computerized telecommunication device that provide the clients of a financial institution with access to financial transactions in a public space with the need for cashier, human clerk or bank teller. On most modern ATMS, the customer is identified by inserting a plastic ATM CARD with a magnetic stripe of a plastic smart card with a chip, that contains a unique card and some security information such as an expiation data or authentication provided by the customer entering a personal identification number (PIN).
Using an ATM, customer can access their bank account in order, to make cash withdrawal or credit card and check their account balance. If the currency being withdraw from the ATM is different from that which the bank account is dominated, the money will be converted by a wholesale exchange rate for foreign travelers and heavily used for the purpose as well. ATM are known by various other names including automated, transaction machine, automated banking machine money machine, cash machine, bank machine hole – in – the wall, any time money. Both work with a card with magnetic shape at the bank. Hence all those worked on various principles including magnetism in order to make fraud more difficult. The idea of pin stored in a card is developed by British engineer working in the MO2 named James Good fellow. After looking at the experiences in Europe ink 1968 the networked ATM was creased in Dallas, Texas, by Donald Wetzel who was a department head at automated baggage – handling company called Docutel in 1995, the national museum of a American, the history recognized Docuturel as the inventors of the networked ATMs.
ATM are not placed near or inside the premises of banking, but also in locations. Such as shopping centers, airports, petrol gas stations, restaurants or any place language stations restaurants or any place large number of people may gather. These represent the two types of ATM installation and they are:
On premises and off premises.
ON premises: On premises, ATMs are typically more advanced, multi-function machines that complement on actual bank branch capabilities and is more – expensive.
Off premises:
Off premises, machines are deployed by financial institutions and also independent sales organizations (150) where cash, so they are cheaper mono-function devices. When an ATM is not operated by a financial institution it is known as while label ATM”. Many ATM have a sign above them indicating the name of the bank or organization owing them ATM, possibly including the list of ATM network to which that machine is connected. This type of sign is called topper.
Most ATMs are connected to inter-bank networks, enabling people to withdraw and deposit money from machine not belonging to the bank where they have their account or the country where their account are held.
Many bank charge ATMs usage money or fee. In some cases, these fees are charge solely to users who are not customers of the bank where the ATM is installed in other case, they apply to all users. Where machine make some charge some people will not use them but to system without fees.
ALTERNATIVE USES OF ATMs
Although ATMs were originally developed as just cash dispensers, they have evolved to include many other bank – related functions such as:
- Deposit currency recognition and acceptance Paying bank statement
- Printing bank statement
- Updating passbooks
- Adding prepaid cell phone credit
- Loading monetary values into store value cards. Increasing banks are seeking to use the ATM as a sales device to deliver pre approval loans. ATMs can also act as advertising channels for companies to advertise their own product or the third party and service.
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