We would love to show you the top functions & uses of the Automated Teller Machine (ATM). However before that, let us consider a brief inquest into the meaning and origin of the ATM. According to Investopedia.com, an automated teller machine (ATM) is an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access most ATMs.
It went further to state that “the first ATM appeared in London in 1967, and in less than 50 years, ATMs spread around the globe, securing a presence in every major country and even tiny little island nations such as Kiribati and the Federated States of Micronesia”. There is no major city and bank which does not have an ATM. So, apart from the conventional cash withdrawal, what else are the top functions & uses of the Automated Teller Machine (ATM)? Read on to know more.
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Top Functions & Uses Of The Automated Teller Machine (ATM)
The ATM performs many functions. These functions include:
- Money Withdrawals: Cash withdrawal is the primary function people use the ATM for. Although it is not the only function, most people see the ATM as a “money dispenser” only. Only few appropriate the other uses of the machine.
- Cash Deposits: Similarly, most (but not all) ATMs allow deposits to be made to both checking and savings accounts. These deposit functions sometimes require cash or checks in envelopes, although many ATMs allow you to deposit without the use of envelopes.
- Balance Inquiries: Another common function of the ATM is the ability to check account balance, for savings or checking, and to print out that balance for future reference.
- Money Transfers: The ATM can also be used to transfer money from one account to the other. Individuals who have different accounts in different banks can use the ATM to transfer money across the accounts. They can also use it to transfer to other people’s account.
- Stamp Purchases: An increasingly popular function of modern ATMs is the ability to buy stamps. Although this functionality is not available at all ATMs, its popularity has been sufficient for its availability to expand.
- Payment for goods and services purchased at stores and restaurants: Most stores and restaurants allow payment through the ATM. This another function of the ATM
- Payment for goods and services purchased online
- Withdrawing local currency at a foreign bank’s ATM machine at a fair exchange rate
- Purchase of airtime: The ATM can be used to purchase airtime for themselves as well as for family and friends.
Apart from the things we listed in the top functions & uses of the Automated Teller Machine (ATM), is there any we omitted? Please let us know. Thank you for visiting us today.