What does ATM mean?
The automated teller machine, or ATM for short, is a terminal operated through a touch screen or keypad. Its an interactive electronic banking outlet, that allows consumers to complete basic transactions without the help of a teller or branch representative. Customers use their magnetically encoded credit or debit cards to perform various tasks.
There are two basic types of automated teller machines, one type of unit allows the client to withdraw money and receive reports of the account’s balance. The more complex machines will also accept deposits, report account information as well as facilitate credit card payments. In order to access the more advanced features of the complex machines, one usually needs to be a member of the bank the machine belongs to.
ATMs are usually scattered throughout cities, which allows clients easier access to their accounts. Anyone with an appropriate credit card will be eligible to access almost all of the teller machines. When a customer uses a unit that belongs to their bank, the operation is toll free, but accessing accounts from a machine that is operated by a rival bank will usually incur a small fee. Almost all of the ATMs today are interconnected via networks, this allows clients to perform banking or credit and debit card transactions anywhere in the world.