The Automated teller machine (ATM) is usually used to make cash withdrawal from one’s bank account. This seems to be the only function of ATM which many people know today.
While this is not the only function, as there are plenty of other ATM function, we will let you know just below. But before we go to other functions and uses of the machine, it is necessary to have a level of insight about the Teller machine.
Firstly, we already know that ATM is just an acronym of the term Automated Teller Machine, though it is also known as Automatic Teller Machine.
In some places the ATM is referred to as Automated banking machine, cash point, Cash dispenser etc. Whatever the term it is seen that ATM enables customers withdraw money from their bank account without assistance of the bank representatives.
In fact, according to Wikipedia, ATM is an electronic telecommunication device that enables the customers of a financial institution to perform financial transactions (particularly cash withdrawal) without the need for human cashier, clerk or bank teller.
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Today, the function of the machine has cut across other functions aside cash withdrawal. The automated teller machine assists customers to carry out other banking and financial transactions which we have stated below.
Functions Of Automated Teller Machine (ATM)
Cash Withdrawal
The commonest function of the modern ATMs is withdrawal of money. To do this, the customer will have to insert his plastic ATM card into the machine and then enter his Personal Identification Number (PIN) to complete the withdrawal. The money is then deducted from the customer’s bank account.
Cash Deposit:
Although it is not all ATM that is capable of performing this operation, but then some Automated teller machine allows and accepts cash deposit from customers.
Also Read – How To Open GT Bank Domiciliary Account.
Checking Account Balance:
One of the functions of ATM is seen in account balance inquiry. Once you insert your card and select the appropriate option for account balance, the machine automatically shows you the balance in your bank account.
Transfer Of Fund:
The automatic teller machine helps you send or transfer money from one account to another without standing over the counter. You can transfer from one your account to another of your account, or even transfer to another person’s account across banks.
Making Of Payment:
One popular function of the ATM is in making payment for purchase of items.
Airtime Purchase:
With ATM you can recharge your mobile phone call credit. Interestingly, you can recharge for yourself and also recharge for another person.
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Have you used the ATM to perform other transaction operation other than the ones listed here? Share with us using the comment box below.
