Automated teller machine (ATM) is a computerized telecommunication device that provides the customers of a financial institution with access to financial transactions at public places without the need of any human help. Using ATM customers can access their bank accounts so as to make cash withdrawals and also can check their account balances. In order to use ATM customer need to insert ATM card and enter his or her personal identification number. Although ATM were originally developed for withdrawing cash but now it can used for many alternative uses and here are some of them –
1. It can be used for paying routine bills like electricity, phone, fees, and taxes
2. It can also be used for updating the passbooks by the customers of the banks.
3. One can get his or her bank statements printed directly from the ATM.
4. One can also purchase diverse things like purchasing of postage stamps, train tickets etc….
Hence from the above one can see that ATM are not solely used for withdrawing cash but for many other purposes and hence it has emerged as very useful instrument for both the banks as well as customers.