A T M
1-An automated teller machine (ATM), also known as a Cash Point , Cash Machine or sometimes a Hole in the Wall in British English, is a computerised telecommunications device that provides the
clients of a financial institution with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller. 2-ATMs are known by various other names including ATM Machine, automatic banking machine, cash machine, and various regional variants derived from trademarks on ATM systems held by particular banks.
3- Invented by IBM, the first ATM was introduced in December 1972 at Lloyds Bank in the UK. On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip, that contains a unique card number and some security information such as an expiration date or CVVC. Authentication is provided by the customer entering a personal identification number (PIN).
4- Using an ATM, customers can access their bank accounts in order to make cash withdrawals, credit card cash advances, and check their account balances as well as purchase prepaid cellphone credit. If the currency being withdrawn from the ATM is different from that which the bank account is denominated in,the money will be converted at a wholesale exchange rate. Thus, ATMs often provide the best possible exchange rate for foreign travelers and are heavily used for this purpose as well.
Alternative uses of ATM
Although ATMs were originally developed as just cash dispensers, they have evolved to include many other bank-related functions. In some countries, especially those which benefit from a fully integrated cross-bank ATM network .ATMs include many functions which are not directly related to the management of one's own bank account, such as:
1-Deposit currency recognition, acceptance, and recycling
2-Paying routine bills, fees, and taxes (utilities, phone bills, social security, legal fees, taxes, etc.)
3-Printing bank statements
4-Updating passbooks
5-Loading monetary value into stored value cards
6-Purchasing
8-Lottery tickets
10-Concert tickets
11-Movie tickets
13-Games and promotional features
14-Fast loans
15-Donating to charities
16-Cheque Processing Module
17-Adding pre-paid cell phone / mobile phone credit.
18-Paying (in full or partially) the credit balance on a card linked to a specific current account.
Increasingly banks are seeking to use the ATM as a sales device to deliver pre approved loans and targeted advertising using products such as ITM (the Intelligent Teller Machine) from Aptra Relate from NCR. ATMs can also act as an advertising channel for companies to advertise their own products or third-party products and services.
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