ATM Full Form, What is ATM?

ATM full form Automated Teller Machine.

An Automated Teller Machine, also known as an ATM, is a computerized device that provides customers with access to personal financial services without the need of a bank teller. The majority of transactions at ATMs are cash withdrawals, although customers may also obtain credit card advances and check their account balances. Below is more information about ATMs you should know.

The Basics

Customers are identified after they insert their plastic ATM card into the machine. Most ATM cards have a magnetic strip or a processing chip, which contains a card number unique to the owner. Then customers are asked to insert a personal identification number (PIN) to verify their identity.

Where to Find an ATM

ATMs are actually used frequently by foreign travelers when they need to obtain money because they issue wholesale exchange rates. These are the best possible exchange rates and encourage customers to withdraw money from an ATM while in another country. Most ATMs are placed outside of banks, although they can also be found inside of malls, airports, grocery stores, restaurants and other areas that receive a lot of traffic. ATMs located outside of banks are generally more advanced than other versions, however, as they contain financial options that are unique to that particular bank. Banks also frequently have drive through ATMs on-site.

How They Work

The majority of ATMs are connected to interbank networks, meaning users can withdraw money from ATMs of banks that are not theirs. PULSE, PLUS, STAR and LINK are all examples of popular interbank networks. Many ATMs charge withdrawal fees, and these tend to be much higher if a customer uses their ATM card at an ATM that does not belong to their bank. Many banks actually do not charge any withdrawal fee at all to their own customers. There are estimated to be over 1.8 million ATMs in the world, ranging from Norway to Antarctica. ATMs can even be found on many US Navy ships.