You must be using ATM in your everyday work. Whenever we want to withdraw money or to whom we want to send money, we definitely use ATM for all the work. But do you know what is the full form of ATM ?
This question is often asked in many competitive examinations, while due to lack of correct information, many candidates get defeated there and failed to answer the question.
In this post, we will know about the full form of ATM and information related to ATM. Many of us think that ATM full form is Any Time Money but this is not correct. Today we will get information about the full form of ATM.
ATM is known by different names in other parts of the world. In Canada, ATM is also known as ABM (Automatic Banking Machine). 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 guys know what is the full form of ATM? The correct answer should be given so that you will never have tension about this question in future. Then let's get started.
What is the full Form of ATM ?
The Full Form of ATM is " Automated Teller Machine ".
If we analyze it then we will get,
A – Automated
T – Teller
M – Machine
Other Full Form of ATM
Now let us know about some other full forms of ATM which are given below.
- Air traffic Management (Aviation terminologies)
- Asynchronous Transfer Mode (I.T. in Sector ) this one There is a telecommunications concept which is defined by ANSI and ITU.
- Association of Teachers of Mathematics (It is a Non-profit organization registered charity in UK)
- Malaysian Armed Forces
- Altamira Airport (This is an airport located in Altamira, Brazil)
What is ATM ?
ATM is an electronic telecommunications device which is used for financial transactions such as cash withdrawal, deposit, fund transfer and other bank related transactions at any time. This makes the banking process very easy as these machines are automatic and there is no need for direct interaction with the bank employees.
Users access their account through a special type of plastic card, encoded with the user's information on a magnetic strip above the card. There is an identification code in the strip which is given to the bank's central bank. Users insert the card into the ATM to access their account and process their account transactions.
What are the parts of ATM?
There are two types of devices in ATM which help the users to use it easily.
- Input Device
- Output Device
Input Device
- Card Reader: The card reader reads the ATM card's data (account information) which is stored on the magnetic strip placed on the back side of your ATM card and sends it to the server for verification. Allows cash withdrawal based on account information and orders received from User Service.
- Keypad : Keypad allows you to input details like PIN, how much money you want to withdraw and other features like cancel, clear, enter, etc.
Output Device
- Screen : It is used to display account information (name of account holder, available balance, etc.) and actions you need to perform to complete your transaction successfully.
- Speaker : Speakers are available in most ATMs. This is provided to provide audio feedback when you make your transactions.
- Cash dispenser : This is one of the most important output devices of an ATM. It is used to withdraw cash.
- Receipt printer : It provides a receipt related to your transaction which includes withdrawal amount, balance amount, date, time, location etc.
How does ATM work?
To start the functioning of the ATM, you need to insert the plastic ATM card inside the ATM machines. Some machines require you to drop your cards, some machines allow card swapping. As I have already mentioned, these ATM cards contain your account details and other security information in the form of a magnetic stripe .
When you Drop/Swap your card, the machine gets your account information and asks for your PIN number. After successful authentication, the machine allows the transaction.
Types of ATMs
Let us now know about the types of ATMs.
- Online ATM : This type of ATM is connected to the bank's database 24 hours a day. You cannot withdraw more than the balance in your account.
- Offline ATM : It is not linked to the database of the bank. Even if you do not have the required amount in your account, you will be able to withdraw it, for which the bank may impose some penalty.
- On-Site ATM : The ATM inside the bank premises is known as On-site ATM.
- Off-Site ATM : ATMs located at various locations inside the bank premises are known as Off-site ATMs.
- White Label ATM : ATMs set up by Non-Banking Financial Companies are known as White Label ATMs.
- Yellow Label ATM : Yellow Label ATM, Provided for e-commerce reasons.
- Brown Label ATM : The hardware of this type of ATM and the lease of the ATM machine is owned by a service provider, but the cash management and connectivity for the banking network is provided by a bank.
- Orange Label ATM : These ATMs are provided for Share Transaction.
- Pink Label ATM : These ATMs are provided only for women.
- Green Label ATM : These ATMs are provided for agricultural transactions.
7 Interesting facts about ATM
Let us now know some such interesting facts about ATM which you may not have heard.
- Inventor of ATM : John Shepherd Barron.
- ATM Pin Number : John Shepherd Barron thought of having a 6 digit PIN number for an 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 .
- World's first floating ATM : State Bank of India (Kerala)
- First ATM in Nepal : Himalayan Bank Limited introduced Automated Teller Machine (ATM) for the first time in Nepal in 1995.
- World's first ATM : It was established on 27 June 1967 at Barclays Bank in London.
- First person to use ATM : Famous comedy actor Reg Varney was the first person to withdraw cash from ATM.
- ATM without account : In Romania, which is a European country, anyone can withdraw money from an ATM without a 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.
What Did You Learn Today (Full Form of ATM)
I hope you must have liked my article, What is the Full Form of ATM. It has always been my endeavor to provide complete information about ATM Full Form to the readers so that they can be accessed from any other sites or there is no need to search in the context of that article in the internet .
This will also save their time and they will also get all the information in one place. If you have any doubts about this article or you want that there should be some improvement in it, then you can write low comments for this.
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