ATM Full Form: How Does ATM Work?, Benefits of ATM

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ATM Full Form: How Does ATM Work?, Benefits of ATM

What is the full form of ATM– In this post, we are going to share the basic information related to ATM with you. Everyone knows about ATM today. Because most people have an account in the bank.

Along with the account, the bank also gives us the facility of the ATM card. And using this ATM card, we withdraw money from our account. With ATM card, we can do many things online.

Withdrawing money from ATM is very easy. And to withdraw money, we do not even need to fill a form. And the biggest advantage is that the facilities of ATM are 24 * 7. With which we can withdraw money at any time.

But do you know what is ATM, what is the full form of ATM. And how ATM works. If you want to know about it in detail, then read the post till the last.

What is ATM? Full form of ATM

An ATM is a computer-like electro-mechanical machine. We use it to withdraw money from our bank account and to add money to the account.

ATMs made banking tasks very easy, as they are automatic. And no cashier is needed to withdraw money from them.

We can do many other things besides withdrawing money from Atm. There is also the option to deposit money in such machines – Balance Enquiry, Money Transfer, Mini Statement and nowadays ATM machines.

Full form of ATM – Automated Teller Machine

Who invented ATM

What is ATM? And after knowing the full form of ATM, it would come to your mind, who invented ATM ?, so that we can withdraw money from our account so easily. So, we also know about it.

ATM was invented by John Shepherd Baron from Scotland. He was born on 23 June 1925 in Shillong (Meghalaya), India.

John Shepherd Baron was once to go to the bank to cash his check. And for some important work, he was late for the bank and the bank was closed.

He was very disappointed due to lack of check cash, and went back to his home. On the way, he saw a machine in which Chocolate came out after pouring money.

Seeing this, the idea of ​​making ATM machine came into his mind. So that people have no problem in withdrawing money. And 24 * 7 can withdraw money whenever needed.

The world puzzle ATM machine was installed on 27 June 1967 at Barclays Bank, London. And in India, the puzzle ATM machine was installed in September 1987 by HSBC (Hongkong and shanghai Banking Corporation).

How Does ATM Work?

In the full form post of ATM, now we know about how ATM works. Using ATMs has become a common practice these days. And all use ATMs. But people do not know how ATM works ?. If you also use ATM, and you do not know how ATM machine works. So you have been reading this post further.

The ATM machine runs on the internet. And it is connected to the bank’s server. To withdraw money, we put our ATM Card in the Card Reader slot of the ATM. The ATM then checks the information associated with our account. Which is engaged in magnetic Stic or chip of our ATM card.

After this, your PIN (Personal Identification Number) is asked. And then all the information related to our account is sent to the bank. And when all the information is correct, ATM gets our Transaction Complete upon receiving the Response from the Bank to Atm.

All ATMs are connected to banks’ servers through satellite. That is why we can withdraw money from any ATM Machine anytime easily.

Parts of ATM machine

What is ATM in this post till now? ATM’s full form and How does ATM work? It would have been known.

But now we are going to talk about some basic parts of Atm. We withdraw money from the ATM machine but we do not know about the ATM parts.

The ATM machine is made up of 2 input and 4 output devices.

1. ATM Input Devices

  • Card reader – Card reader captures the details of our account from the magnetic strip on the back of our ATM card. And through Host processor, this information is sent to our bank’s server.
  • keypad – these are mainly PIN NO. And it is useful to insert Amount. Which is at the bottom of the screen.

2. ATM Output Devices

  • Speaker – There is a Speaker inside the ATM machine, which is heard when we press any key or select the option.
  • LCD screen is an important part in Screen – Atm. When we withdraw money from ATM, all the options are visible on the screen.
  • Printer – When we enquiry Mini statement or Balance from our ATM. So we get a Receipt. Which is printed from the printer inside the ATM.
  • Cash dispenser– The place in which the cash comes out of the ATM machine. It is called a cash dispenser.

How to withdraw money from ATM?

Today it is common practice to use single ATM. But some people do not know how to withdraw money from ATM? Or how to withdraw money from ATM, I am going to tell you in a very easy step for them.

Option to withdraw money is almost same in all bank ATMs. But some ATM have slight Changes.

  • First of all, we have to go to a Bank ATM. We can withdraw money from any bank’s ATM, but if possible, choose the ATM of the same bank in which you have an account.
  • After entering ATM, insert your ATM Card in the slot of the ATM machine. While inserting the card, make sure that the card is not upside down.
  • Some ATMs have the option of card swipe and in some ATMs the card has to be kept inside till withdrawal. But currently the swipe option has stopped. So do not take out the card until you get the cash.
  • On the next screen, you will get the option to select the language. You can choose the language according to your own.
  • After this, you will get the option of Enter your PIN on the screen. Where you will have to enter your Personal Identification Number. Which is given by the bank. Or we generate from ATM machine.
  • After this, you will see the option of cash withdrawal on Screen, select it.
  • Next you have to select Account Type. Select your account type from both Saving Account and Current Account.
  • On the next screen, you will see Enter amount. Fill the amount of money you have to withdraw there. And then click on Continue.
  • After continuing, cash will be withdrawn from ATM and your transaction will be completed.

What are the Benefits of ATM?

  • 24 * 7 Service – ATM has 24 * 7 service. So that bank customers can withdraw money whenever they want, day or night.
  • Withdrawal Easily – No slip or form has to be filled to withdraw money. And the bank-like lines do not have to be installed.
  • Online shopping – You can pay online from ATM by shopping online from e-commerce website.
  • With Money Transfer – ATM, we can transfer money from one bank to another.
  • Cash Deposit – Now the option of Cash Deposit has also started coming in ATM Machine. So that there is no need for us to go to the bank and put it in lines. We can also put money from our ATM into Account.
  • With Bill Pay– ATM, we can pay online bill. Such as electricity bill, gas bill and water bill etc.
  • Mobile Recharge – We can easily do any prepaid Recharge sitting at home through our Atm.
  • Through Insurance – ATM, we can fill the installment of our Insurance company.
  • Ticket booking – ATM, we can book our train or flight ticket.

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Some interesting facts related to ATM

  • The first ATM in India was set up in September 1987 at City Bank and HSBC Bank in Mumbai.
  • The first person to withdraw money using ATM was the famous comedy actor Reg Warne.
  • The most commonly used PIN no. In ATM. Is 1234.
  • The first floating ATM was installed in Kerla (kochi).
  • The highest ATM is at Nathu La. It was stationed for the army at ATM India and China Border.
  • The country with the highest number of ATM is South Korea.

I hope you have enjoyed the information about who invented ATM with full form of ATM?, how to withdraw money from ATM and Advantages of an ATM etc. If you have any question related to this, then definitely comment by commenting.

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