Full form of ATM
ATM stands for Automated Teller Machine.
ATM is an electro-mechanical machine which used for financial transactions. ATM machines are used for various purposes such as cash withdrawals, deposits, transfer funds, or obtaining account information, at any time and without the need for direct interaction with bank staff from their respective bank accounts by debit or credit card.
This makes very easy for banking process because ATM machines are automatic and there is no need of human cashier for transaction.
The ATM machine can be of two types; one with basic functions where you can withdraw your cash and another one with more advanced functions where you can also deposit your cash.
ATMs are also known by various types of names, including,
Automatic Teller Machine ( ATM ) is called in the United States, British, Australian, Malaysian, South African, Singaporean, Indian, Maldivian, Hiberno, Philippines and Sri Lankan English
cash point (British English)
automated banking machine (ABM, Canadian English)
cashline, minibank, cash machine, cash dispenser, bankomat or bancomat.
Types of ATM
There are two primary types of ATM full form:
- The first with Basic units, which only allow customers to withdraw cash and receive updated account balances.
- The second is the more complex machines, which accept deposits, facilitate line-of-credit payments and transfers, and access account information.
What are the basic ATM parts?
The ATM has input and output devices. ATM is a user-friendly machine and which enables people to withdraw or deposit money very easily.
Input devices:
Card reader : A card reader is a device that can decode the information contained in a credit or debit card’s magnetic strip or microchip on the back side.
keypad : The keypad is used for input information by the customer, including personal identification number (PIN), the type of transaction required, and the amount of the transaction.
Output devices:
Screen: The ATM display screen enables that it suggest the consumer through the process for executing the transaction. Information is also transmitted on the display screen, such as account holder’s account information and balance details.
Cash dispenser: Cash money is generated through a slot in the machine, which hands out the cash as per the need of any user.
Printer for receipts: If required, users can request for receipts that are printed here. In the receipt records includes, the amount, the type of transaction, and the remaining account balance.
History
In the US, The first ATM was installed in September 1969 at the Chemical Bank branch in Rockville Center in New York with the slogan, “On September 2, our banks will open at 9 am and never close again.”
In Enfield, London, The first ATM was set up in June 1967 on a street .
How ATM Works
The majority of ATMs are connected to interbank networks, which means that users can withdraw money from ATMs of banks that are not theirs.
STAR , PULSE, PLUS and LINK are all examples of popular interbank networks.
Many bank ATMs charge withdrawal fees, and these tend to be much higher if a customer uses their ATM card which does not belong to their bank at an ATM.
Many banks actually do not charge any withdrawal fee for their own customers. There are estimated that, over 1.8 million ATMs exist in the world, ranging from Norway to Antarctica. ATMs can also be found on many US Navy ships.
About ATM Examples
In order to carry out the number of transactions, the account holder can use ATM.
ATM allows the account holders to withdraw cash from their accounts. For that, they have to enter a key to take out their money.
The account holders can view their current account balance and make balance inquiries. This feature help them to know about what amount of money they have spent through their credit or debit card.
They can also transfer payments and it depending on the bank. This feature allows account holders to move their money without withdrawing cash from one bank account to another.
Additional Information
The ATM full form in physics often refers to “atmosphere,” a unit of pressure, but in this context, it specifically means Automated Teller Machine. It’s essential to understand that ATM serves multiple purposes in our financial ecosystem.
If you are curious about the full form of ATM or want to know what is the full form of ATM, it is indeed Automated Teller Machine. ATM stands for convenience and efficiency in handling financial transactions.
Conclusion
In summary, the ATM, or Automated Teller Machine, plays a crucial role in modern banking, providing users with convenient access to their finances 24/7. Whether it’s withdrawing cash, depositing funds, or checking account balances, ATMs have revolutionized how we manage our money. The ATM full form and the technology behind it exemplify the evolution of financial transactions, making it easier for individuals to conduct their banking activities. The ATM form highlights the simplicity and accessibility of financial services.