Automated Teller Machine – Complete Information
Automatic Teller Machine or ATM’s are the electronic machine that helps us to make transaction without the help of a financial organisation or the 3rd party. The ATM cards are provided by the banking organisation. It is any payment card issued by a financial organisation mainly by bank that enables the customer to access an ATM. It helps us to knowing the transactions of deposits, cash withdrawal and we can understand the details of our account.
ATM cards are plastic cards which are magnetically coded. That can be read by a machine. It is a self service banking for many consumers. We should have a pincode while operating with the ATM cards.
The working of ATM is while accepting the cash request from a user, verify the user’s authority of particular bank account and ensuring that the account has sufficient money to fulfill the request and dispensing the money.
When you using the ATM service the customer first insert the plastic card into the machine reader. After that you enter pin number. If the card and pin match, then the customer can deposit the money, check the balance or withdraw the money. Now all accounts are linked with phone. So the transaction details of using the ATM, able to know through your phone.
ATM card is also a Debit card, it may be used for a pin based debit transactions. The debit card can be used instead of cash when making purchases.