The ATM Full Form is Automated Teller Machine can otherwise be a cash vending machine in simple terms. The very first ATM to create history was done way back in the year 1967 in London, UK. Now this space and manpower saving machine has found its way into several countries, states, urban & suburban cities.
The list goes on to metros, rural places and now almost in every lane too. There are also the mobile ATMs that have emerged in order to make it more convenient for people who live in the interior places. ATMs are also available in the smallest islands too.
ATM Full Form
Having spoken about the origin of the Automated Teller Machine shortened ATM can almost replicate the human teller services at the physical banks in the near future. People belonging to various banks that are connected to the network can withdraw.
In the beginning these were free transactions. However now post demonetization in India, banks are planning to charge for excessive transactions. The ATMs first were basic ones that only disposed cash at request.
When approaching a physical bank for withdrawal of money, they even referred the account holders to pull out cash from the ATM provided it was within the limit.
ATM Charges & Fees
However, banks do charge a little amount or a fee on these kinds of transactions. Especially when you are using an ATM that is different from your bank or an out-of-network ATM. These days banks, businesses and shopping malls keep ATMs standing outside.
This is convenient for customers or shoppers if they require cash. It also helps the banks to save up on hiring more employees to tender cash or simple transactions that ATMs are capable of doing.
ATM Facilities & Convinience
The ATMs then started ‘growing’ not only in terms of number but also in terms of functionality. These days people can do much more than just getting an ATM slip and withdrawing cash.
They are able to deposit in a few select ATMs that are more functional. Now banks are considering introducing the biometric based withdrawal system where the user does not need to memorize his or her PIN #.
They do not even require carrying the card along. So all they need is their UID number e.g. Aadhaar Card Number. However for these more complex units the user should be a bank account holder at the respective bank owned ATM.
Verdict Full form of ATM
The convenience of ATMs extends to people who are On-The-Go or in other words travelers. Artistes who travel all over the world find it most convenient to get cash in other places through ATM. Such people feel safer these days as they do not require carrying around huge amounts of cash.
Other professions of constant travel include business professionals and students as well as cultural exchange candidates. Global travelers had to carry traveler’s cheques prior to ATMs.
However this is not necessary anymore as they can simply locate the nearest ATM on GPS enabled handsets and proceed to withdraw cash. Finally thanks for visit and keep it for more full form about short words.