ICT / Automated Teller Machine (ATM)

 

ICT Devices:

Automated Teller Machine (ATM)

-        Automated Teller Machine is an electronic device that allows you to perform banking transactions without needing a teller.

-        It was first made by John Shepherd Barron in installed in London by Barclays bank in 1967.

 F   Functions:

-A -  ATMs provide an easy way to link your bank account 24hrs and all days of the week for transactions like cash withdrawals, check deposits (in some ATMs), balance inquiries, and fund transfers.

- It can even use to withdraw money in ATM of other bank.

- It can even use to withdraw cash in foreign countries, generally with currency conversion fees.

Procedure of using ATM

-        - To use this machine one must have debit or credit card of the bank.

-        - To use an ATM, you'll typically insert your debit or credit card into a slot for ATM of the machine.

-       -  Enter a PIN (personal identification number), with the help of keypad of the machine to display menu of transections.

-      -  Choose desired transaction from a menu to get visual or printed information about your bank account or to withdraw money.

-        - Collects money and transaction slip from outlet.

Advantage of ATM

-        -  ATMs provide 24/7 access to your cash, withdraw money or check your balance.

-       -  It gives quick services efficiently.

-       -  It offers a level of privacy by avoiding human interactions.

-       - ATMs are widely available in many locations, from bank branches.

-        It also helps in checking balance, make deposits (in some ATMs), transfer funds between accounts, and even pay bills.

Disadvantages:

-        - It has daily withdrawal limits; so desired cash when needed cannot be withdrawn.

-       -  It is difficult to provide ATM in remote area.

-        - Technical error may leads to account debit without receiving cash and at another time no cash.

-         - There can be fees associated with using ATMs, of other bank.

-        -  However ATMs offer some security, there's still a risk of fraud or theft if you're not careful.

-        - Different complex transactions need help on taller.