The full form of ATM is Automatic Teller Machine ( Automated Teller Machine ).
This machine is a telecommunications controlled and computerized device that provides financial transfer services to customers, such as cash withdrawal, deposit, money transfer, or receiving account information.
The customer does not require the help of a cashier, clerk or bank teller in this transfer process.
ATM machines can be of two types; One with basic functions where you can withdraw cash and another with more advanced functions where you can deposit cash.
Advantages of ATM
- Withdraw money
- You don’t always need to carry cash with you.
- You can check how much money is left in the account.
- ATM provides round the clock banking services to its customers, you can withdraw cash at any time, day or night.
- There is no need to fill out withdrawal and deposit slips to withdraw or deposit money.
- Access to the bank from any part of the world: Essential banking services such as deposits, transfer of funds, etc. can be availed by customers from any part of the world.
- 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.
- ATM is faster than the bank to withdraw cash, there are no long lines.
- ATMs reduce the work pressure on bank employees and avoid long lines at the bank.
- You can withdraw money from ATMs abroad.
- ATMs provide service without fault. The customer can get the exact cash. There is no possibility of human mistakes in ATMs.
- Customers do not get soiled or torn notes from ATMs.
- Most of all, ATM provides confidentiality in the banking transactions of the customer.
Disadvantages of ATM
- If someone hacks the ATM machine then your details can be taken.
- ATM cash withdrawal limit. For example, many banks do not allow withdrawals of more than 50,000 at a time.
- Possibility of misuse of ATM card: ATM card, if lost, can be misused. Many such incidents have happened.
- Loss of personal contact with banks: Customers lose personal contact with their bankers.
- ATM can be offline (system down).
- ATM cash may run out.
- The charges for using an ATM at some banks can be expensive.
- It is very difficult for illiterate people to use it.
Other full forms of ATM abbreviation
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