In this post, we will learn the full form of ATM and related stuff of ATM. Many of us think that the ATM full form is Any Time Money but it’s not right. Today we will see the full form of ATM.
ATM Full Form:
The full form of ATM is “Automated Teller Machine”. There are some other full forms of ATM.
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ATMs are known by a variety of names in other parts of the world. In Canada, ATM is also known as ABM (Automated Banking Machin). Although ABM is used in Canada, ATM is still very commonly used in. In other countries, the terms cash point, cash machine, minibank, and “hole in the wall” are most widely used
What is ATM?
ATM is an electronic telecommunications device that is used to make financial transactions such as cash withdrawals, deposits, transfer funds and other account related transactions at any time from personal bank accounts. This makes banking process very easy because these machines are automatic and there is no need for direct interaction with the bank staff. Mostly we can find Automated Teller Machines ATM which has just cash withdrawal function. Some ATM’s allow us to do advanced functions such as cash deposits, cheque deposits along with cash withdrawal.
Automated Teller Machine – Image
Automated Teller Machine Card – Image
Parts of ATM:
ATM contains two types of devices which allow users to easily use it.
1. Input Devices
2. Output Devices
Card Reader: Card reader reads data (account information) from the ATM Card which is stored on the magnetic chip placed on the back side of your ATM card and sends it to the server for validation. Your activities(transactions) will be recorded automatically without any manual intervention.
Keypad: Keypad allows you to input the details like PIN, amount of money you want to withdraw and other basic features like cancel, clear, enter, etc.,
Screen: It is used to display account related information (Account holder name, Available balance, etc.,) and also actions you need to take to successfully finish your transaction. Some ATM’s enable touch functionality too.
Speaker: Speakers are available in most of the ATM’s. It is provided to produce the audio feedback while you do your transactions.
Cash Dispenser: It is one of the most important output devices of the ATM. It is used to dispense the cash.
Receipt Printer: It provides a receipt related to your transaction which contains withdrawal amount, balance, date, time, location, etc.,
Interesting Facts about ATM:
• The ATM was invented by John Shepherd Barron
• First ATM in the World was installed by Barclays Bank of London in the year 1967
• First ATM in India was installed by HSBC (Hongkong and Shanghai Banking Corporation) in the year 1987
• First floating ATM in the world was installed by SBI (State Bank of India) at Kerala