Meaning : Automated Teller Machine
Category : Technology
Sub Category : Banking
What does ATM mean or stand for ?
A bank teller is a person who works in a bank and attends to customers by providing a service such as depositing your money,or withdrawing your money and handing it to you.They also help you to transfer funds to other accounts,update your bank details,help you with your account balance and any other task that they are requisitioned with.
An ATM machine does all these jobs automatically without the smile:)This saves the bank the salary of many tellers,more efficiently, faster and electronically.
However the biggest USP of an ATM machine is that is available to customers 24 hours a day.Even in the middle of the night or in an emergency we have the convenience of withdrawing money in a few seconds.
Another huge benefit of an ATM is that you can use another bank’s ATM to withdraw funds even though you do not have an account in it.
Nowadays ATMs do not charge its customers to use its services,however if you use another banks ATM to withdraw money they might charge you a small service fee or commission.