ATM Full Form In English: What is ATM?
The term used in our daily work is ATM. When you go out of town, you can easily withdraw money using an ATM.
But have you ever wondered what happens to ATM Full Form? What are the types of ATMs? We will learn more about this in this article today.
History of ATM: History Of ATM
In 1960, Luther George Simjian, an American, invented a machine called a bankograph. This machine was designed to raise money. The machine was later installed at a Barclays bank branch in London in June 1967. The discovery is also credited to John Shepherd-Barron, a British explorer.
What is an ATM ? / What is an ATM?
An ATM is an electronic telecommunication machine that is used for many types of money transactions, such as withdrawals and remittances.
You have often seen these ATM machines in different parts of the city. With the advent of ATM machines, banking transactions have become much easier and faster.
The ATM machine has made it easier to withdraw and send money, which has greatly reduced the need to knowingly fill in the slips at the bank and then get the signature and seal of the officer on it.
Now you get a plastic card from the bank to transact money from this machine. Along with this card you are given a confidential PIN (Password). Which you have to type after inserting your card into the machine. Only then is it possible to transact your money.
ATM Full Form In English: What is the ATM Long Form
Friends, as I said, you may have noticed that an ATM is a machine through which you can transact money in a very simple way.
Now let us know the full form of an ATM.
Friends, the full form of ATM in English is "Automated Teller Machine".
Also in Marathi, the full form of ATM is "automatic teller machine".
The use of ATMs has increased tremendously these days and has many benefits. Also, in the old days, if you wanted to send money out to the village, you had to make a money order and it would take many days to reach the recipient.
On the other hand, with this ATM machine, you can instantly send money anywhere in a few minutes.
How to transact through an ATM ? / How does an ATM work?
Friends, you have seen the long form of an ATM that is like an Automated Teller Machine. Now we will learn how this ATM works.
First of all an ATM card is required to transact money from any ATM. This ATM card is made of plastic and you get this card from the bank.
Also, you get a confidential PIN with your ATM card. This PIN only works with your ATM card.
Now if you have this ATM card then you have to put this card in the small space in the ATM machine for some time.
Sometimes in some machines your card has to be rotated in the given space i.e. card swap.
This ATM card contains all your information. This information is stored electronically in the black bar on the card. That information is identified by the ATM machine.
After you swap this card, it appears on the screen with your information. Such as your name and other things. It then asks you the following questions.
Cash Withdrawal: This involves the withdrawal of your money.
Cash Deposit: This allows you to deposit money into your account or the account of others.
Bank Statement: In this you get information about some of your past transactions. It's kind of like a Passbook Entry.
Money Transfer: This allows you to transfer money from your account to another account.
After asking the above, you have to choose according to your needs. It then asks you for your PIN from the bank and after typing the PIN your transaction is completed by depositing the amount of money.
Also receive a receipt from the machine after your transaction is completed. From which you understand that your transaction has been done in a complete and safe manner.
What are the types of ATMs?
There are many different types of ATMs. Now we are going to learn about this.
1) On-site ATM: An ATM located in the vicinity of a bank is called an on-site ATM.
2) Off-site ATM: An ATM which is located in a place other than the bank premises is called an off-site ATM.
3) Online ATM: An ATM that is directly connected to the bank's server is called an online ATM.
4) Offline ATM: An ATM which is not connected to the bank's server is called an offline ATM.
5) Yellow Label ATM: There are yellow label ATMs for e-commerce facilities.
6) White Label ATM: An ATM established by a non-banking financial company is called a White Label ATM.
7) Pink Label ATM: These ATMs are for women only.
8) Green Label ATM: These ATMs are for agricultural related transactions only.
9) Brown Label ATM: This ATM is not owned by the bank and it is leased by the bank and it is linked to the ATM bank.
10) Orange Label ATM: It is used to transact ATM shares.
What are Privately Owned ATM Machines?
Privately Owned ATM Machines are ATM machines that are not affiliated with any government or financial institution. The shop, mall, organization on which this ATM machine is located, has the sole and exclusive claim of that organization / shop.
Privately Owned ATM Machines are mainly found in developed countries.
Privately Owned ATM Machines are mainly found in places like grocery stores, shopping malls, restaurants in the US. These machines are maintained by their owners with the facility to deposit money, send money etc.
Parts of ATM Machine
ATMs are made up of different parts. An ATM machine is created by connecting different parts. Now we are going to learn what those different parts are.
The ATM machine has the following parts:
1) Central Processing Unit: This part is the brain of an ATM. This part is doing the job of storing all the information. It also carries out commands to other parts.
2) Magnetic card Reader: This part identifies you with the card inserted in the ATM machine then you are linked to your bank account.
3) Keyboard: Just like your mobile has many buttons, the buttons are also in the ATM machine. With these buttons you complete the transaction by entering your PIN.
4) Display: After you insert the ATM card, you get the information about the transaction you want on the screen in the ATM.
5) Function Key: These buttons appear on the side of your keyboard or on the screen. These are used to complete or cancel the transaction.
6) Cash dispenser: This is a very important part. From this part you get your cash.
7) Record Printer: This is a small printer through which you get the receipt of completion of your transaction.
8) Speaker: The ATM machine also has a speaker through which you are informed about your transactions from time to time.
