ATM Full Form: ATM is stand for Automated teller machine, In today’s world, an ATM machine is one of the most important things. Even though the country is going cashless, the demand for ATMs hasn’t faded. ATMs are popular as it’s a good alternative to banks.
When you go to a bank branch to withdraw money, you have to follow the basic instructions. And it’s time-consuming. However, using an ATM can save your time. Plus, you can withdraw money from any ATM machine, anywhere.
If you haven’t used an ATM yet, you have to know some information. That’s why we will help you out. In this post, we will share the types and advantages of ATMs. So, let’s get started.
ATM stands for Automated Teller Machine. In simple words, it’s an electronic banking machine that helps people to make transactions. Usually, the customers prefer an ATM machine to withdraw money.
All banks have their own ATMs and they were introduced to minimize the work pressure. The best thing is a customer can do multiple things including cash withdrawal, cash deposit, and money transfer. Plus, some ATMs are also providing transaction facilities without ATM cards.
When you make a transaction by using an ATM, the machine will charge a nominal fee. However, some banks also provide up to three free transactions.
Types of ATM
Many people still don’t know about the types of ATMs. In the following list, we will share the common types of ATMs. Let’s find out:
- Onsite ATM
- Off-site ATM
- Biometric ATM
- White label ATM
- Brown label ATM
- Yellow level ATM
- Green level ATM
Advantages of ATM
Why should you use an ATM machine? Many people can have some second thoughts while using this system. If you are a newbie and want to use an ATM, you can learn about its advantages. In the following list, we will share the top advantages:
- You can use an ATM anytime, anywhere as all banks provide this service.
- Unline banks, you can withdraw money 24×7 for 365 days
- You don’t have to choose a specific bank’s ATM to withdraw money. All you need is just an ATM card.
- It’s the best option if you want to save time and avoid unnecessary bank lines
- Most bank staff prefer ATMs as they can reduce their work pressure
- After completing the transaction, you will get a receipt. So, you can use it as proof of transaction.
- You can change the ATM PIN by using this machine.
- Just like withdrawal, a cash deposit service is also available.
ATM Full Form: An ATM machine is very useful. You see, there are so many advantages to using this machine. However, you have to be crucial as a beginner. If you find some issues while using it, make sure you contact your bank branch.
Can I withdraw money from an ATM without an ATM card?
Yes, with advanced payment technology, it’s possible to withdraw money from an ATM without a card. You can use your smartphone and bank-registered mobile number.
How many transactions are free in an ATM?
Well, the transaction fee depends on your bank’s offer. In most cases, a bank provides up to three free transactions.
What are the disadvantages of ATMs?
One of the top disadvantages of ATMs is robbery. Many cheaters are targeting ATM machines nowadays.
How do ATMs make money?
You can earn money each time an individual uses an ATM to take out cash.
How do ATMs work? To get cash by using an ATM machine, you have to insert your credit or debit card into a slot. Then, follow the instructions and get the money by giving a PIN.