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Full-Form of ATM
The Full-Form of ATM is the Automated Teller Machine. ATM is a computerized device that is used for making financial transactions from a bank account with automated or self-service banking features with no staff or personnel provided.
These machines are used to withdraw money from personal bank accounts. This makes banking process very easy because there is no need for the human cashier for the transaction. Plastic cards generally known as ATM Cards are one of the most popular methods of engaging a quick & convenient commercial or non-commercial transactions.
To use ATM you have to insert plasticATM cards inside the ATM machines. Some machines allow swapping of cards and in some machines, you have to drop your cards. These ATM cards contain your account details and other security information in the form of a magnetic strip.
When you drop swap your card, the machine gets your account information and asks for your PIN number. ATM PIN is a security number provided by the bank with the ATM card and it is of 4 digits. A PIN number is changeable, you can change it according to your convenience. ATM Machine allows financial transactions after you complete the authentication by entering the PIN number.
Along with its basic use of cash dispensing, you can deposit cash and cheque, fund transfer, cash withdrawal, and balance inquiry, bill payments and mobile recharge etc. The first ATM was used by the Chemical bank at New York (USA) in 1969.