In Banking Terms What Does ATM Mean?

In banking terms the 'ATM' stands for the 'Automated teller machine' or the 'Automatic teller machine'. The ATMs are computerized telecommunication devices that allow the users or the account holders of a certain bank to access their account from these machines. The ATMs are also a safe way to withdraw cash. Some ATM machines also allow the user deposit cash or cheques in their account. They also let users transfer money from one bank account to another.

The ATM was developed and built by 'Luther George Simjian' in the year 1939. This ATM was built in New York and installed in the 'City Bank of New York'.

Due to the advancement of technology most of the banks give their users a plastic card (ATM-Card). This card needs to be put in to the machine to withdraw money. The card makes the operation even safer as it demands a Pin code to withdraw the cash. So even if the card is lost it cannot be used by some one else, as the Pin is only known by the account holder.

Effect of atm in nigeria commercial banks

ATM means AUTOMATIC TELLER MACHINE. No need to go to bank to withdraw your money.