Umesh Kurmi is a semi-qualified Chartered Accountant from the Institute of Chartered Accountants of Nepal. He has seven years of experience.
ATM Full-Form and Meaning in Banking
In banking, an ATM is an Automated Teller Machine. ATMs are utilized to pull out cash from bank accounts and for other monetary exchanges.
An ATM is a machine that uses computer and mechatronics technologies to automatically deliver you money on demand. On the off chance that you believe an ATM to be a computer, it is a living showing off what a computer can perform.
Types of ATMs
There are two kinds of ATMs. One is a basic unit that allows you to withdraw cash, check your balance, change your PIN, receive mini statements, and receive account updates. The other allows for cash or check deposits, as well as a line of credit and bill payments.
ATMs may be onsite and offsite. Onsite ATMs are situated inside the bank's premises, while offsite ATMs are situated all through the country to guarantee that people have fundamental financial services and fast money withdrawals assuming they can't visit a bank office.
Based on labels ATMs can be classified as below:
ATMs with a green label are used for agricultural applications.
ATMs with a yellow label are used for e-commerce transactions.
ATMs with an orange label are used for share transactions.
Pink Label ATMs- Designed specifically for females to assist them to avoid large lines and wait times.
White Label ATMs - Developed by the TATA group, white label ATMs are not owned by a specific bank, but rather by businesses other than the bank.
Brown Label Banks- These are operated by a third party other than a bank.
There are a couple of biometric Automated Teller Machines that require fingerprints and eye scanners to work.
What are the Uses of an ATM?
Most people realize that an ATM is a machine that allows us to withdraw money from our bank accounts. Notwithstanding, you might be stunned to discover that an ATM is a multi-purpose machine that can be utilized to pull out cash as well as give a range of other monetary services.
1. Money Withdrawal
You don't have to go to the bank to pull out cash in the present advanced world. You can pull out cash from any ATM whenever you want. Bank staff must deal with fewer individuals as a result of getting money through ATMs, while the number of people withdrawing money from ATMs is increasing every day.
2. Balance Inquiry
You don't need to go to the bank to figure out how much cash you have in your account. Any ATM will permit you to check your account balance and statement. You don't need to go to the bank and spend hours updating your passbook.
3. Money Transfer
You can utilize an ATM to move cash starting with one account then onto the next. Many banks permit you to move cash from one account to another utilizing your ATM card; nonetheless, a couple of financial institutions permit you to move cash from one card to another. You can utilize this service for sending cash to any bank account in India.
However, keep in mind that both the payee's and the receiver's accounts must be in the same bank. For instance, you can utilize your ICICI Bank ATM card to move cash from your account to your companion's ICICI Bank account.
4. Bill Payments
Using an ATM card and machine, you can pay various bills such as credit card bills, power bills, mobile phone payments, and so on.
5. Cash Deposit
Today, new types of ATMs have appeared that allow you to both withdraw and deposit money. This help is very valuable to general society since it permits you to deposit cash into your bank account or the account of another person 24x7.
6. Pin Change
You never again need to visit a bank to change the PIN on your ATM card. ATMs allow you to generate and alter your ATM card's PIN.
To use this service, you should have your enrolled cell phone with you. Because when you update your PIN, your bank sends an OTP to your mobile device, which must be typed into the ATM.
How to Withdraw Money from an ATM?
There is nobody to help you when you attempt to pull out cash from an ATM. After reading your card, you place it into the ATM, and the machine prompts you for your PIN. In the wake of entering your PIN, you indicate the sum you wish to pull out. After your confirmation, the ATM will give you any amount you choose.
No person is engaged in some way in the withdrawal of this cash from the Automated Teller Machine (ATM).
You can pull out cash from any kind of account, for example, a saving account, a current account, or a credit card, by utilizing an ATM card and an ATM.
How Much Can You Withdraw From an ATM?
The amount you can withdraw from an ATM every day, week, or month will vary depending on your bank and account status. You may be able to circumvent these restrictions by contacting your bank and requesting permission, or by improving your banking status by depositing additional amounts.
How Do You Make a Deposit at an ATM?
If you are a bank customer, you may have the option of storing money or checks at one of their ATMs. You may only need to insert the cheques or cash directly into the machine to accomplish this. Other machines may need you to complete a deposit slip and place the money in an envelope before inserting it into the machine. To be safe, endorse the reverse of your cheque and include a notation that it is "for deposit only."
Basic parts of an ATM
An ATM's intelligent operation is accomplished through the use of many machine components. The essential components of an ATM can be divided into input and output devices:
Input devices of an ATM
Input devices are what we utilize to feed data into the ATM.
An ATM's card reader is an input device into which you insert your card, and it advances your transaction by reading the information on your card. In today's ATMs, two types of card readers are used: magnetic card readers and chip card readers.
The magnetic strip is made on the back of your card, while the same new cards contain a chip in the front. A card reader's function is to peruse the data on your card and impart it to the server so the server can handle your resulting banking exchanges.
If you need to enter any information during your ATM transaction, you can do so using the keypad on the ATM. During an ATM transaction, the computer prompts you for various sorts of input, such as your PIN and amount, which you enter into the machine via the keypad.
Output devices of an ATM
An ATM's output device is the device via which the machine provides us with the essential information and cash.
An ATM's output devices are as follows:
All of the information concerning our transaction is displayed on the ATM's display screen. The ATM's display screen is either LED or LCD. It can be of two types: touch screen or standard display screen.
Every ATM also has a speaker that assists us by providing instructions during any ATM transaction. The speaker built in the ATM assists all users in transacting, but it is especially useful for those who cannot see.
The cash dispenser component of the ATM assists the ATM in issuing cash. Every time you withdraw money from an ATM, this dispenser performs the necessary calculations and hands you the exact amount.
A receipt printer's job is to provide you with a transaction receipt following any transaction. At the point when you make an exchange at an ATM, for example, a money withdrawal, a little assertion, a receipt is made and given to you by the receipt printer.
What are the ATM Charges?
Account users can use their bank's ATMs for free, however, using a machine owned by a competitor bank frequently results in a cost. Some banks will compensate consumers for the cost, particularly if there is no equivalent ATM in the area.
Who is the Owner of ATM?
ATMs are often possessed by banks and financial institutions. Individuals and corporations, on the other hand, can acquire or lease ATMs on their own or through an ATM franchise. When individuals or small businesses, such as restaurants or petrol stations, own ATMs, the financial model is centered on charging users fees.
Banks also own ATMs for this purpose. They draw in clients by using the comfort of an ATM. ATMs also relieve bank tellers of some of their customer service responsibilities, saving banks money on payroll costs.
How to Use ATMs Abroad?
ATMs allow tourists to access their checking or savings accounts from virtually anywhere in the world.
Travel experts urge clients to use foreign ATMs as a source of cash when traveling overseas because they generally receive a better conversion rate than most currency exchange businesses.
The account holder's bank, then again, may charge a fee or a percentage of the sum withdrawn. Most ATM receipts do not include the currency rate, making it impossible to track expenditure.
Advantages of ATMs
These are some of the advantages of ATMs:
- Withdraw funds
- Don't bother to carry cash with you constantly.
- You can check your balance in the account.
- ATMs offer 24x7 banking services to their users.
- Fewer paper works
- Customers can access a bank from anywhere in the world and acquire essential financial services such as deposits, fund transfers, and so on.
- Banks can extend their facilities to any region of the planet by giving their clients with electronic access.
- The ATM is quicker than pulling out cash from a bank, and there are no large arrangements.
- It alleviates stress on bank employees and avoids long lines in the bank.
- You might pull out cash from ATMs everywhere.
- It delivers faultless service. The client will get the exact money. Human blunder is impossible in ATMs.
- Clients don't get grimy or ruined notes from ATMs.
- Probably, the ATM guarantees the privacy of the client's financial exchanges.
Disadvantages of ATMs
These are some of the disadvantages of ATMs
- Your personal information is at stake if an ATM is hacked.
- There is a money withdrawal limitation from ATMs. Many banks, for instance, don't let withdrawals of more than recommended limit at a time.
- If an ATM card is lost, your bank balance is at risk.
- The ATM might be inaccessible due to system errors.
- The money in an ATM can run out.
- The fees levied by some banks for using ATMs might be rather high.
- It is quite tough for folks who are illiterate to utilize.
ATM Abbreviation in Air Travel
The entire air traffic system, an aircraft uses to fly from the airport, complete its route, and finally land at another airport, is referred to as air traffic management. At any airport, ensuring the safe and correct passage of planes is a fairly difficult operation. That is why every airport has air traffic management, which oversees all airport traffic operations.
In India, AAI refers to the Airport Authority of India, which is the major airport authority agency in charge of air traffic management at all airports.
Other Relevant Abbreviations of ATM
Asynchronous Transfer Mode
At The Moment
Any Time Money
Area Training Manager
Air Traffic Management
Weapons & Forces
Angkatan Tentera Malaysia
Adobe Type Manager
All The Money
Awareness Through Movement
Apollo Telescope Mount
After The Meeting
Amateur Telescope Maker
Across The Miles
Advanced Toast Master
All Types of Music
After The Money
Another Twenty Missing
Ataxia Telangiectasia Mutation
All The Madness
A Tragic Mistake
What is the full form of ATM and PIN?
ATM means 'Automated Teller Machine.' The client is recognized in ATMs by embedding a plastic ATM card with a magnetic stripe containing a unique card number and some security data. The customer provides authentication by submitting a Personal Identification Number (PIN).
What is ATM in physics?
The standard atmosphere (symbol: atm) is a pressure unit that is specified at 101,325 kPa. It is every so often utilized as a standard pressure or as a source of perspective pressure. It is generally equivalent to the normal barometrical pressure at sea level on Earth.
Why is ATM used?
- To handle the funds in a bank account
- To check account balances
- To withdraw
- To deposit funds
- To print a statement of account activities or transactions
- To buy stamps
What does ATM mean in text messaging?
At The Moment
Is ATM a card?
ATM is not a card. To use ATM you need a card. You need an ATM card to gain access to an ATM. Nearly every individual who has a checking account has a card that might be utilized at an ATM, for example, a debit or credit card. Few banks, notwithstanding, issue ATM-only cards that can't be utilized to make exchanges.
Which Bank installed the first ATM in the United States?
Chemical Bank constructed the first ATM in the United States in 1969 in Rockville Center (Long Island), New York (2 years after Barclays installed the first ATM in the U.K.). By the end of 1971, more than 1,000 ATMs had been placed throughout the world.
Who uses ATM?
Young consumers aged 18 to 34 use ATMs the most (5.8 times per month) of any age group. In comparison, elder users aged 55 and up utilize ATMs 2.1 times each month to obtain cash. ATMs are used by 28% of US consumers to see statements and 27% to pay bills.
Where is money stored in ATM?
Cash dispenser - the safe and cash-dispensing mechanism is the heart of an ATM. Most small ATMs have a cash safe that takes up the entire bottom portion.
Who made the ATM?
According to legend, after missing his bank's open hours on a Saturday afternoon, John Shepherd-Barron, an engineer at De La Rue, invented what was essentially cash the vending machine. He was, of course, in the tub.
Who manufactures ATMs? Who is the largest manufacturer of ATMs?
Diebold Nixdorf Incorporated and NCR Corporation are the two firms with the most market share in the ATM Manufacturing industry.
Who puts money in ATMs? Who loads the cash in the machine?
You are responsible for loading cash into the ATM or having third party load cash into the machine as the owner of the ATM. Clients pull out cash from the ATM and have it returned to a bank account of their decision consistently.
How can I invest in ATM?
You'd look for retail stores, salons, convenience stores, bars, malls, and nightclubs, among other things.
- You would work out an arrangement to give an ATM.
- You'd put resources into an ATM.
- You'd be the one to set up the machine.
- You'd place cash into the machines.
- You'd share data about leads in your district.
Is the ATM franchise profitable?
ATM Franchise is a profitable business strategy that can provide you with a steady income. First and foremost, let us state that no bank has granted this franchise; rather, the banks have delegated this task to third-party contractors.
How much does ATM space cost in India?
For roughly Rs 7.5 lakh to Rs 9 lakh, an investor can purchase an ATM spot and lease it to any bank for as long as he or she wishes. According to experts, banks are charging roughly Rs 15,000 per month for ATM space, which equates to at least Rs 1.8 lakh per year.
Is an ATM passive income?
But it's the possibility to generate a passive income that makes owning an ATM business so appealing. Regardless of what you do, those ATMs will continue to perform transactions a day in and day out (and profit from each transaction along the way). It's the classic case of making money while sleeping.
How do I get an ATM in my store?
You'll have to talk with an ATM merchant in your area to figure out what capabilities they have for this kind of facility. Then again, you have the choice of buying a machine, introducing it in your home, and keeping up with it yourself.
What is ATM Global?
The Global ATM Alliance is a partnership between many large worldwide banks that allows their clients to use their ATM or debit card at another bank within the alliance without incurring international ATM access fees.
How can I get a micro ATM?
The Micro ATM was created to assist people in rural areas in gaining access to financial services. Micro ATM Machines, on the other hand, is a godsend to everyone when there is a severe cash shortage, as there is today. Apply online today at www. bank. in to purchase a Micro ATM at the cheapest pricing.