Aug 13, 2018 11:42 PM
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(Updated Aug 13, 2018 11:42 PM)
An automated teller machine( ATM) is an electronic banking outlet that allows customers to complete basic transaction without the aid of branch representative or teller.Anyone with a credit card or debit card can access most ATMs. ATM was originally developed as cash despensers, and have evolved 1.paying routine bills, fees, and taxes such as-utilities, phone bills, social security, legal fees, income taxes, etc. 2.printing or ordering bank statements 3.updating passbooks 4.paying the credit balance on a card linked to a specific current account 5.transfering money between linked account. Benefits of using ATM machine: 1.As ATM functions 24* 7, one do not have to worry about national holidays or working hours.What if banks are on strike, one can just get unto ATM and get his amount withdrawal. 2.ATMs are available almost every part of our country so that one need not worry about finding one as you may find at least one ATM within 3 k.m of your area. 3.one can ditch the long bank ques which become a nightmare for an account holder to withdraw cash. 4.For introvert people, you might not have to talk to other people, or fill a form to get your cash. 5.In order to get your cash withdrawal the ATM does not need to be of your bank only, you may use any other banks ATM to withdraw your amount. Disadvantages of ATM machine: 1.If you forgot the pin you cannot use the card 2.Risk of robbery when you leave the ATM card. 3.The ATM card breakdown or runout of cash. 4.Fees charged to use ATMs of other banks can become expensive. My suggestion for this is: Learn the proper use of ATM machine and do not share your ATM card password with any one.
