ATM Full Form | What is ATM? What is the Full Form of ATM?

Here, you will get answers to ATM related questions like: what is the full form of ATM, what is ATM, what is the meaning of ATM, how does ATM work and what are the advantages and disadvantages of ATM.

ATM: Automatic Teller Machine

ATM Full Form | What is ATM? What is the Full Form of ATM?

The full form of ATM is “Automatic Teller Machine”. The full form of ATM is Automatic Telling Machine. This machine is a telecommunication controlled and computerized device that provides financial transfer services to customers, such as cash withdrawals, deposits, fund transfers, or obtaining account information. In this transfer process the customer does not require the help of a cashier, clerk or bank teller. ATM machines can be of two types; One with basic functions where you can withdraw cash and the other one with more advanced functions where you can deposit cash.

Advantages of ATM

  1. Withdraw money.
  2. You don't always need to carry cash with you.
  3. You can check how much money is left in the account.
  4. ATM provides round the clock banking services to its customers, you can withdraw cash at any time, day or night.
  5. There is no need to fill out withdrawal and deposit slips to withdraw or deposit money.
  6. Access to the bank from any part of the world: Essential banking services such as deposits, transfer of funds, etc. can be accessed by customers from any part of the world.
  7. Extension of services to any corner of the world: Banks can extend their services to any corner of the world by providing electronic access to their customers.
  8. Compared to withdrawing cash from a bank, ATM is faster and there are no long lines.
  9. ATMs reduce the work pressure on bank employees and avoid long lines at the bank.
  10. You can withdraw money from ATM abroad.
  11. ATMs provide service without mistakes. Customer can get exact cash. There is no possibility of human errors in ATM.
  12. Customers do not get dirty or torn notes from ATMs.
  13. Most of all, ATM provides privacy in the customer's banking transactions.

Disadvantages of ATM

  1. If someone hacks an ATM machine your details can be taken.
  2. There is a limit on cash withdrawal from ATM. For example, many banks do not allow withdrawal of more than Rs 50,000 at a time.
  3. Possibility of misuse of ATM card: ATM card, if lost, can be misused. Many such incidents have happened.
  4. Loss of personal contact with banks: Customers lose personal contact with their bankers.
  5. The ATM may be offline (system down).
  6. ATM may run out of cash.
  7. The fees charged for using ATMs in some banks can be expensive.
  8. It is very difficult to use it for uneducated people.

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