The Full form of ATM is Automated Teller Machine. ATM is an electro-mechanical machine that is used for making financial transactions from a bank account. These machines are used to withdraw money from personal bank accounts. Like in a bank branch the cashier, officially known as teller counts cash and handover it to the customer, in the same manner machine does it for you. Hence, it is called “Automated Teller Machine”.
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It allows card holder to draw money from his personal bank account without going to bank. This makes banking process very easy because these Automated Teller machines are automatic and there is no need of human cashier for transaction. The ATM machine can be of two types; one with basic functions where you can withdraw cash and another one with more advanced functions where you can also deposit cash.
Now a day, ATM has a lot of functionalities along with its basic use of cash dispensing. Some of them are cash and cheque deposit, Fund transfer, cash withdrawal and balance enquiry, new PIN generation and PIN change, mini statement, bill payments and mobile recharge etc. The first ATM was introduced by Chemical bank at New York (USA) in 1969.