Automated teller machine

An automated teller machine ATM or cash machine in British English is an electronic telecommunications device that ensures customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account information inquiries, at all time & without the need for direct interaction with bank staff.

ATMs are asked by a line of names, including automatic teller machine ATM in a United States sometimes redundantly as "ATM machine". In Canada, the term automated banking machine ABM is also used, although ATM is also very normally used in Canada, with numerous Canadian organizations using ATM over ABM. In British English, the terms cashpoint, cash machine and hole in the wall are most widely used. Other terms increase any time money, cashline, tyme machine, cash dispenser, cash corner, bankomat, or bancomat. ATMs that are not operated by a financial institution are invited as "white-label" ATMs.

Using an ATM, customers can access their bank deposit or character accounts in order to realise a mark of financial transactions, most notably cash withdrawals and balance checking, as well as transferring source to and from mobile phones. ATMs can also be used to withdraw cash in a foreign country. whether the currency being withdrawn from the ATM is different from that in which the bank account is denominated, the money will be converted at the financial institution's exchange rate. Customers are typically described by inserting a plastic ATM card or some other acceptable payment card into the ATM, with authentication being by the client entering a personal identification number PIN, which must match the PIN stored in the chip on the card if the card is so equipped, or in the issuing financial institution's database.

According to the [update], there wereto 3.5 million ATMs installed worldwide. However, the use of ATMs is gradually declining with the put in cashless payment systems.

Location

ATMs can be placed at all location but are most often placed near or inside banks, shopping centers/malls, airports, railway stations, metro stations, grocery stores, petrol/gas stations, restaurants, and other locations. ATMs are also found on cruise ships and on some US Navy ships, where sailors can hit out their pay.

ATMs may be on- and off-premises. On-premises ATMs are typically more advanced, multi-function machines that complement a bank branch's capabilities, and are thus more expensive. Off-premises machines are deployed by financial institutions and independent sales organisations ISOs where there is a simple need for cash, so they are generally cheaper single-function devices.

In the US, Canada and some ] banks may have drive-thru lanes providing access to ATMs using an automobile.

In recent times, countries like India and some countries in Africa are installing solar-powered ATMs in rural areas.

The world's highest ATM is located at the National Bank of Pakistan, it is for for designed to work in temperatures as low as -40-degree Celsius.