Tuesday, 11 June 2019

Automated Teller Machine-ATM

Automated Teller Machine-ATM

 Automated Teller Machine-ATM

The ATM is such an automatic machine from which money can be withdrawn or through which it can be deposited by inserting a card and by typing the Personal Identify Number PIN. This machine works on 24 +7 bases. It has considerably reduced bank work. Its vogue is increasing day by day. Besides the services of money withdrawal and deposits, banks provide several other services to their customers through ATM. Different may provide different services through ATM. As soon as we insert the card into the ATM its screen displays a list of all the services which can be provided by that particular ATM. A sample of the ATM and the list of services provided by it is shown in the pictures given below.
The Utility of ATM
The Utility of ATM has been explained by the following points:

(1) Cash Withdrawal: The ATM is such a machine from which the user can withdraw money as and when we want. In order to withdraw money from the ATM, the card issued by the bank is inserted into it and the Personal Identify Number - PIN is typed. As soon as it is done, the desired money comes out of the machine.

(2) Cash Deposit: Not only the withdrawal but also the deposit of money is possible through the ATM. As soon as the user puts money into the machine, the machine starts counting the notes. Along with this, the machine also tells how many notes are genuine and how many, fake. The total amount which can be deposited is displayed on the ATM screen. The following are the two methods of depositing money through the ATm:

(i)  Through the ATM Card: If the card is used while depositing money into the ATM, the customer is not required to tell the Account Number. The machine itself displays the Account Number related to the ATM card. In this way, the money gets credited to that Account Number.
(ii)  Direct Method: According to this method, after the cash is put into the machine, the Account Number has to be typed to which the amount is to be credited. This method is usually used when the money is to be deposited to someone else's Account.

(3)  Balance Enquiry: As is apparent, as soon as we insert the card into the ATM, the screen displays a list of several options. That list contains one option of 'Balance Enquiry'. When we press that button the balance of your account in the bank appears.

(4)  Mini Statement: By exercising the option of Mini Statement, the customers can obtain a written statement of a number of transactions done in the recent past.

(5)  Payment of Bills: Through the ATM we can make the payment of Electricity Bills, Water Bills, Telephone Bills, etc. But this is not necessary that this facility may be available at the ATMs of all the banks. The Bills of only that company can be paid through the ATM which has a tie-up with the bank.

(6)  Funds Transfer:  By exercising this option at the ATM the user can have the money transferred from his account to somebody else's account. This option is used by inserting the ATM card into the machine and by typing the Account Number of the payee.

(7)  Mobile Recharge: Through the ATM the Prepaid Mobile Consumers can get their mobiles recharged. As soon as this option is exercised on the ATM the money gets debited in the user's Account and credited to the Account of the company offering recharge service. Immediately there comes the message of recharge on the mobile.    

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