What Is The ATM Full Form?
ATM is known by various names in other parts of the world. In Canada, ATMs are also known as ABMs (Automated Banking Machines). In other countries, the terms cash point, cash machine, mini bank, and “hole in the wall” are used.
So today I thought why don’t you know what is the full form of ATM? The correct answer should be told, so that you are never stressed about this question. Then let’s start.
What Is The Full Name of ATM
The ATM Full Form is “Automatic Teller Machine”.
If we analyze it, we will find,
- A – Automatic
What is ATM?
An ATM is an electronic telecommunications device used for financial transactions, such as cash withdrawals, deposits, fund transfers and other bank-related transactions.
This makes the banking process much easier as these machines are automated and there is no need to interact directly with the bank employees.
Users access their account via a special type of plastic card, encoded with user information on a magnetic strip above the card.
The strip contains an identification code that is transmitted by a modem to the bank’s central computer. Users use the card up to the ATM to access their account and process their account transactions.
What Are The Parts of An ATM?
ATMs have two types of devices that help users to use it easily.
- Input Device
- Output device
- Card reader: The card reader reads ATM card data (account information) that is stored on the magnetic stripe on the back side of your ATM card and sends it to the server for verification. Allows withdrawal of cash based on user account information and orders received from the service.
- Keypad: The keypad allows you to input details like PIN, how much money you want to withdraw and other features like cancel, clear, enter etc.
- Screen: It is used to display account related information (account holder name, available balance, etc.) and the tasks you need to successfully complete your transaction.
- Speaker: Speakers are available at most ATMs. This is provided to provide audio feedback when you make your transaction.
- Cash dispenser: It is one of the most important output devices of ATMs. It is used to withdraw cash.
- Receipt Printer: It provides a receipt related to your transaction which includes the withdrawal amount, balance amount, date, time, place etc.
How does ATM work?
To start functioning of ATMs, you have to insert plastic ATM cards inside the ATM machines. In some machines you have to leave your card.
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Some machines allow card swap. As I have already mentioned, these ATM cards contain your account details and other security information in the form of magnetic stripe.
Whenever you drop / swap your card, the machine will get your account data and asks in your PIN quantity.
ATM Type (ATM Full Form)
Let us now know about the types of ATMs.
- On-line ATM: Any such ATM is linked to the financial institution’s database 24 hours. You cannot withdraw more than the balance in your account.
- Offline ATM: It is not linked to the bank’s database. Even if you do not have the required amount in your account, you will still be able to withdraw it, for which the bank may impose some penalty.
- On-site ATMs: ATMs inside the bank premises are known as onsite ATMs.
- Off Site ATMs: ATMs located at various locations inside the bank premises are known as offsite ATMs.
- White Label ATM: ATMs set up by non-banking financial companies are known as White Label ATMs.
- Yellow Label ATMs: Yellow Label ATMs are provided for e-commerce reasons.
- Brown Label ATM: The hardware and leasing ATM machine of this type of ATM is owned by a service provider, but cash management and connectivity to the banking network is provided by the bank.
- Orange Label ATMs: These ATMs are provided for share transactions.
- Pink Label ATM: These ATMs are provided for women only.
- Green Label ATMs: These ATMs are provided for agricultural transactions.
Interesting Facts About ATM
Let us now know some interesting facts about ATMs that you may not have heard.
- Inventor of ATM: John Shepherd Baron.
- ATM PIN Number: John Shepherd Baron thought of having a 6-digit PIN number for the ATM, but it was not easy for his wife to remember the 6-digit PIN, so he decided to create a 4-digit ATP PIN number. did. .
- World’s first floating ATM: State Financial institution of India (Kerala).
- First ATM in India: Established in 1987 by HSBC (Hong Kong and Shanghai Banking Corporation).
- The world’s first ATM: It was established on 27 June 1967 at Barclays Bank, London.
- First person to use ATM: Renowned comedy actor Reg Varney was the first person to withdraw cash from ATM.
- ATM without account: In Romania, which is a European country, any person can withdraw money from ATM without bank account.
- Bio-metric ATM: Biometric ATM is used in Brazil. As the name suggests, users are required to scan their fingers at these ATMs before withdrawing money.
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