What is full form of ATM, ATM full form

What is full form of ATM, ATM full form

What is full form of ATM,ATM full form
What is full form of ATM

The full form of ATM stands for Automated Teller Machine. ATM is mainly used for making financial transactions from a bank account. ATM is also known as an electromechanical machine. So this is a full form of ATM. Now we will discuss the use of ATM and many more ATM-related queries.

Where the ATMs are used?

ATM is an electromechanical machine and is used for making financial transactions and these machines are used to withdraw money from a personal bank account. 

As we have seen the cashier in the bank branch, similarly ATM is also known as teller counts cash and handover it to the customer. So that is the reason it is also known as the automatic teller machine.

The main function of this ATM machine is it allows the cardholder to withdraw cash from his personal bank account without going to the main Bank branch.

so it makes the banking process very easy because these automatic teller machines that are ATM are automatic so there is no need of human cashier for the transaction and we can say that it is very beneficial for withdrawing money from our bank account without going to the bank.

Types of ATM machines

The ATM machine can be of any two types that are

  • The first it is with a basic function where you can withdraw cash and
  • The second type of ATM machine is by which you can also deposit cash along withdrawing it.

And nowadays the ATM machines have a lot of functionality along with its basic use of cash dispensing.

Some of them are fund transfer machine, cash and cheque deposit machine or cash withdrawal and balance inquiry, new pin generation, and pin change facility, bill payments, mini statement, etc.

What is full form of ATM,ATM full form
ATM full form

History of first ATM

The first ATM was introduced by the Chemical Bank in New York USA in 1969.

What are the basic ATM parts?

The ATM has input and output devices. And it is a user-friendly machine and which enables people to withdraw or deposit money very easily.

Input devices:

  • Card reader
  • And keypad

Output devices:

  • Display screen
  • Receipt printer
  • Cash dispenser
  • Speaker

Working of an ATM machine:

First of all to start the functioning of an ATM machine and for withdrawing cash from your bank account, you should have to insert a plastic ATM card inside the ATM machine, which you have got from the bank. And in some machines, you have to drop your card but in some other machines, it allows swapping of cards. And these ATM cards contain your account details and other security information in the form of a magnetic strip. So when you drop for snap your card to the ATM machine then machine get your account information and ask for your pin number. And after the successful authentication machine will hello to do all your financial transactions like withdrawing money from your bank account.

What is full form of ATM,ATM full form
What is full form of ATM

Important information:

The ATM machine was first invented by John shepherd Barron.

The first ATM in India was established by Hongkong and shanghai banking corporation ANR in the year of 1987.

And of first ATM in the world was is installed by Barclays Bank of London in the year of 1967.

The first floating ATM machine in the world was installed by the State Bank of India at Kerala.

Thank you, so much for reading this article on what is the full form of ATM, ATM full form.

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