What Is ATM And What Are Its Advantages?

Automated Teller Machines:
Automated Teller Machine (ATM) is a data terminal used for money transactions. This powerful and convenient machine is invented by Don Wetzel a worker for the Docutel Company in Dallas, Texas in 1960s. ATMs is similar to a KIOSK computer having a keypad and a screen to provide the user with an easy interface for money transaction. This sort of computers are purpose specific and programmed accordingly. It gives limited access and interaction with the user.

Online Banks provides their customer with an ATM Card for this purpose. The card has all relevant account holder information and saved in a electromagnetic tap. When a customer want to make transaction, he enters his card in the ATM Machine and prompted for the pin code. After providing the correct pin code the machine verifies the it from its central database connected to with a telephone line.

After successful authentication, the customer can withdraw the desire amount (within the prescribed limit) from the ATM machine or can transfer amount to other account. He can also change the pin code. The customer is charged against the transaction being made. The charges may vary from one type of ATM to another but it is usually in a very less amount. The ATM has solved many problems and now customer can have it money transaction 24/7.