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An ATM is an automated teller machine, also known as a cashpoint or cash machine. It works with computerised Telecommunications, as machines can communicate over long distances and airwaves, aiding financial transactional interactions from anywhere to anyone without bank clerks. In India, ATMs are placed next to their respective banks and in commercial locations, residential colonies, shopping malls, streets, highways and some villages. Nowadays, most people use ATMs for their basic needs of cash. ATMs are two primary kinds – first where a customer can withdraw cash and get an instant receipt. And second, a machine that accepts deposits that ease credit card payments and provides digital and hard copy reports. People owing credit or debit cards can access ATMs easily. There is no charge for transactions when using a bank card ATM, but a small fee is charged when using a competitive bank ATM.
ATM networks
ATMs help users by making financial transactions at any time from anywhere, without cash in their physical pocket. ATM use eases customer requirements and also provide business to bank in many ways-
● Global ATM networks allow flawless connectivity.
● Email and data backup will be shared
● Help banks in savings as it eases customer requirements.
● Remove charges from the same bank credit cards.
● It Increases sales, as it is attractive to customers.
Inventor of the ATM
Over the years many people attempt to lay claim to the title of “ inventor of ATM”. At first, it was believed that Luther George Simijian was the inventor because he was the first who gave ATMs ideas. Some people think that Don Wetzel was the inventor of the ATM because he got the patent first in the museum of American history. And some others, including the queen of England, think that John shepherd- Barron was the inventor. John Shepherd Barron gave an idea of a 24/7 cash container in the 1960s. And after that, he lay claim that the world’s first ATM was put on outside of North London in the Barclays bank branch in 1967. In August 1973, John D white lay claim that he put an ATM container firstly on Rockville centre for a chemical bank. And this machine should be considered a credit card automatic currency container. An ATM is a complex machine and these complex machines will accept deposits.
What is an ATM card?
ATM cards are like a key to an ATM with various UINs. It has the potential to make records, track, confirm, delete, and remake multiple various financial transactional processes regularly and daily. Nowadays, ATM cards also have a VISA or MasterCard logo, which means that these cards can be used as ATM cards as well as credit cards or debit cards. Whenever you use an ATM card PIN is required before the transaction.
What is a credit card?
Credit cards help users by providing them with short loans. By using a credit card you can buy anything and can pay later, as it gives a bill at the end of the year. But in the bill the company’s interest was added.
Uses of an ATM
● Withdrawal of money and checking out the balance is referred to as the most useful feature of an ATM.
● ATMs give the facility to open a fixed deposit, or we can also apply for a loan, request for a cheque book, pass book etc.
● Users can do any transaction from anywhere to anyone, as banks put ATMs in many public places, highways, malls, railway stations, airports, hospitals, etc.
● ATMs provide 24/7 service.
● With the help of an ATM, there is no need to stand in a long queue.
Conclusion
ATM- automated teller machine is a computerised telecommunication device used anywhere or by anyone for transactions. ATMs give 24/7 service, that’s why it is also called any time money. An ATM card is used for withdrawal of money from an ATM. Cards have the holder’s name. ATMs also help banks in many ways, as it lowers their workload, or increases their business. ATMs help people by providing cash anytime or any place when they need it. You can withdraw cash even on the bank holidays by ATM. You don’t have to depend on the bank for cash. Many people lay claim to the title of the “ inventor of the ATM”. And John Shepherd was the first who installed an ATM outside North London in Barclays Bank
