ATM Machine is short abbreviation of Automatic teller machine. These are electronic machines and works like a cashier but you don’t need paper cheques to get you money. You need ATM card with your PIN to withdraw cash from your account.
ATM card is a plastic card linked with your bank account and has a secure code that machine reads to verify your transactions and limits before giving you cash. It takes only a few seconds and saves your time visiting your branch.
Benefits of ATM Machine
ATM machines are beneficial for both customers and banks. However there are few risk associated with this as well but still there are thousands of ATM machines in the US installed by respective banks at their branches, cinemas, shopping malls, and picnic places for Millions of users/atm card or bank account holders.
There is no holiday when you need to get cash from ATM machine. You can withdraw your dollars anytime from any machine whether it is 1am or a Sunday of new year holidays.
It is convenience way of banking for both banks and customers. As mentioned earlier, ATM machines are installed everywhere. You don’t need to visit bank branch. Simply withdraw money. You can also deposit cash with new technology in ATM machines, known as CDM machines.
ATM has reduced the demand of cashiers which in long run has profited banks. Banks now simply invest in machines and they save investment in opening new branches, hiring new staff. It is easy for them to install a machine in shopping mall instead of making a new branch there.
ATM transactions are error free. This latest advanced technology has a computerized system supported by custom designed software and hundreds of quality checks.
Benefit to Travelers
Traveling is big industry today. Many people visit different countries in different timing. They can not keep cash for security reasons but a pocket sized ATM card can be used to withdraw in local currency. A US traveler can withdraw Euros in Switzerland. He/She doesn’t need to convert dollars anymore.
Transaction made on the ATM machine is private. No one can see how much you have taken out like people can see at the cash counter. ATM machines are installed in a small cabin which has a lock as well.