The full form of ATM is an Automated Teller Machine which is mostly known as an ATM.
It is an electronic device or machines that enables customers to perform financial transactions, such as transfer funds, deposits, cash withdrawals, check account balance,or obtaining account information, at any time without the require or need of direct interaction with bank staff.
ATM are known as variety of names, in Canada mostly people used the word ABM (Automated Banking Machine) for ATM which full form is Automated Teller machine. ATM is also called cash point, cash machine, time money, cash dispenser, etc.
There are two types of ATM machines; basic ATM and advanced ATM machine.
Basic ATM machines are those, where you can withdraw cash and transfer money very easily from one account to another account and you also check you account balance.
In the advance ATM machine you can also deposit cash into your account. The advance ATM machine is very expensive and they perform your work like a bank staff.
Day by day the functionality of ATM machine is increased.
How ATM Works.
To start the functioning of ATM, you need to insert your ATM cards inside the ATM machines which is made on a hard plastic. In some machines you have to drop your cards, and in some machines allows to swapping of cards. These ATM cards contain all of your account details and other security information in the small chip. When you drop/swap your card, machine gets or read all your account information from the chips and asks for you to enter your pin no, which is mostly a four digits numbers.
If you enter a wrong pin continually three times, than the ATM machine capture your card for security reasons. After entering your pin correctly you can perform your work such as withdraw, money transfer, and balance checking, etc.
Who is the founder of ATM?
John Shepherd Barron is the founder of ATM.
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