The Full Form of ATM is Automated Teller Machine. ATM is an electronic machine that is used for making financial transactions from a bank account. It is used to withdraw money from personal bank accounts. In banks branch the cashier is known as teller counts cash and handover it to the customer, in the same manner machine does it for you. Hence, it is called โAutomated Teller Machineโ.
ATM allows card holder to withdraw money from his personal bank account without going to bank. It makes banking process very easy because these Automated Teller machines are automatic handover money to customer and there is no need of human cashier. ATM machine may be of two types:
ATM Basic Parts
ATM is a user-friendly machine, it allows customer to easily withdraw or deposit money with its feature of input or output devices.
Input Devices:
Output Devices:
How ATM works?
First you have to insert plastic ATM cards inside the ATM machines to start the functioning of ATM. In some machines you have to drop your cards and some machines allows swapping of cards. Your ATM card contain your account details and other security information in the form of magnetic strip. When you drop or swap your card, machine gets your account information and asks for your PIN no. After that the successful authentication, machine will allow financial transactions.
What ATM does?
Interesting Facts about ATM
Following are some other full form of ATM used by different people on different topic.
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