Atm Banking and its benefits
In today’s commercial era, no one wants to slow down for their routine banking transactions. For this, banks all over the nation provide their customers with ATM banking services for easy and safe transactions.
ATM or Automated Teller Machine is a specially designed computerized machine, installed by the banks, to help in easy and safe management of customers’ money. ATM banking plays a major role in facilitating banking services to the customers.
Automated teller machines, or ATMs, offer convenient self-service banking and help managing your money. When the bank isn’t open, you can use your debit card at an ATM to get cash, make deposits or check account balances. In order to operate an ATM, one needs to insert an ATM or ATM cum debit card and enter password/pin that one has created at the time of activation of the account.
ATM Banking in India
The first ATM machine in India was introduced by HSBC bank in 1987. According to a survey, the number of ATMs in India have increased from 21,110 in 2005-06 to 76,871 in 2010-11. ATMs are dispersed throughout the nation, allowing customers an easy and a convenient access to their funds. Anyone with a debit or credit card can access most ATMs. Using a machine operated by your bank is usually free, but accessing funds through a machine owned by some other bank may cost you a small fee.
Benefits of ATM banking
Convenient Money Management
One major benefit of ATM banking is convenience. It is the best way to avoid the never-ending queues at the banks. You can simply use your ATM card to withdraw cash, ANYTIME, ANYWHERE! For instance, you go out to a new restaurant assuming that credit card would be accepted there. But to your surprise, the restaurant takes only cash. What would you do? No worries! You are good to go if you are carrying your ATM card. You can simply withdraw cash from a nearby ATM machine. This means that you can simply travel anywhere, without cash. You can take care of your routine banking, easily and safely.
Value Added Services
Apart from the default function of dispensing cash, ATM banking now serves other functions as well. With the best technologies, ATMs have become multifunctional. Transferring funds between accounts, making payments and deposits, checking your account balance and so on, are some of the commonly know features of ATMs these days. Deposits made at ATMs are accepted 24/7 and processed the same business day, unlike the deposits made with teller.
Apart from this you can also use your ATM and ATM cum debit cards to perform all sorts of online transactions; from bill payments to online shopping. Not only this, you can also buy movie tickets, recharge your cell phones, request a new cheque book and much more, using your ATM cards. For instance, your friends come over without informing and there is nothing to eat. To add to this, you have no cash at home. Don’t panic! You can simply order food online and make easy payment with your ATM card, through secure ebanking options.
Some banks have now installed special ATM machines for visually challenged people. These machines operate on a voice guided system. Visually challenged customers can hear the computerized instructions using headphones, for transaction guidance.
Hence, ATMs have become an indispensable part of our commercial lives today, that one can find on every street corner, attached to every bank buildings and in every retail store.
Recommended Read :
- What is ATM Banking?
- What is An ATM Card? How to Use Your ATM Card?
- What is a Debit Card?
- What is ATM Skimming?
- Cdm Banking How to Deposit Cash in a Cdm Machine
- Lost ATM Card Steps to Take After You Lose Your ATM Card
- Beware of ATM Thief – Methods to Protect Your ATM Banking
- Safe ATM Banking Methods to Make ATM Banking Safe