The full name of ATM is Automated Teller Machine, it works on an electro-mechanical system that has all the facilities of automated banking allows customers to conduct smooth transactions without the help of an automated teller machine. The debit card or credit card holder must be able to withdraw cash at the ATM.
ATM machines are a profitable machine, which allows you to make cash withdrawals or deposits, bill payments, and fast account-to-account transfers and transactions, (atm full form) though the fees are paid by the bank on cash withdrawals.
The full form of ATM is “Automated Teller Machine”.
If we analyze it then we will find,
A – Automated
T – Teller
M – Machine
What is ATM?
ATM is a full electronic tele communications device, it can be used for financial transactions such as deposits, cash withdrawals, fund transfers and other bank related transactions at any time. This has made the banking process very easy as these machines are full automatic and there is no need to interact directly with the bank employees for its use.
How does ATM work?
To start functioning of ATM machines, you have to insert plastic ATM cards inside the ATM machines. In some atm machines you have to drop your cards, some machines allow to swap cards. As I have already said, these Automated Teller Machine cards contain your account details and other security information in the form of a magnetic strip.
When you swap/ drop your atm card, the machine gets your account information and asks for your PIN number. After successful Authentication, the machine allows Transaction.
Other full forms of ATM
There are some other full forms of ATMs, so let us know about this, which are given below.
- Air traffic management (Aviation terminologies)
- Association of Teachers of Mathematics (This is a Non-profit organization and registered charity
Is from the UK) - Angkatan Tentera Malaysia (Malaysian Armed Forces)
- Altamira Airport This is an airport in Altamira, Brazil (Airport Code).
Basic Parts of ATM Machine
The ATM is very easy to use. It includes both input and output tools, allowing people to deposit or withdraw money comfortably.
Input device
Keypad – The use of the keypad helps with the use of a personal ID number from the machine and other information such as cash amount, receipt required, or not required. Which is encrypted with the ATM PIN sent to the server.
Card reader– The card reader recognizes the magnetic stripe data of the ATM card, the ATM card details are collected by the card reader itself and sends the (atm full form) card information to the server once the card is inserted at the specified location.
The drugs are allowed to be extracted only according to the commands received from the server.
Output Devices
Display Screen – The subject of the transaction is shown on the screen. It shows the status of cash withdrawal steps, one by one in sequence. The screen can be LCD or do.
Speaker– The speaker is available at the ATM to generate the AUD input when the button is pressed.
Cash Dispenser- The main item of this (atm full form) ATM machine is the device that spreads the adhesive in it to collect cash. The sensors used in ATMs allow cash tenderers to quickly extract the right amount of volume required by the user.
Receipt Printer – This receipt of the ATM prints the information about the transaction on it. It informs the facility about the time and date of the transaction and the balance, etc.
Functions OF ATMs
- Deposit of cash
- Withdrawal of cash
- Transfer of cash
- Accounts details
- Mini statement
- Regular payment of the bill
- Account balance details
- Recharge of prepaid mobile
- Change the pin code
Advantages of ATM
- ATM service is available 24? 7.
- It reduces the work pressure on bank staff.
- For travelers, ATMs are more useful.
- ATM gives service without any error.
Types of ATMs
There are two types of ATMs.(atm full form) The original units only allow content to be extracted and update account balances. More custom ATM machines accept deposits and access to food information.
What ATM does
- Cash and cheque deposit
- Fund transfer
- Cash withdrawal and balance inquiry
- PIN change and mini statement
- Bill payments and mobile recharge etc.
Using ATMs Abroad
ATM machines make it easy for the user to access their account balance checking or savings accounts from almost anywhere around the world.
History of ATM
The first ATM machine was launched at the Barclays Bank branch in London in 1967, a record of a swelling machine in central Japan in the 1960s. Interbank Transactions A customer was allowed to use the bank card of one bank in another bank’s ATM in the 1970s.
The ATM machine spread rapidly across the world in just a few years, currently, more than 3.5 million ATM operations are operational worldwide.
automated banking allows customers to conduct smooth transactions without the help of an automated teller machine. The debit card or credit card holder must be able to withdraw cash at the ATM.
ATM machines are a profitable machine, which allows you to make cash withdrawals or deposits, bill payments, and fast account-to-account transfers and transactions, though the fees are paid by the bank on cash withdrawals.
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