What is an ATM cash machine.
Automated teller machine (ATM) is an electronic Bank, which allows customers to complete basic transactions without the aid of a representative office, a branch or a cashier. Any credit card or debit card can access most ATMs. The first ATM appeared in London in 1967, and less than 50 years, ATMs has spread around the world, providing a presence in all major countries and even small island States such as Kiribati and the federated States of Micronesia.
Breaking down the ‘ATM – ATM.
There are two main types of ATMs. Basic units allow customers to withdraw cash and receive messages only on their account balance. More complex machines accept deposits, facilitate credit line payments and view account information. To access the advanced features of complex assemblies, the user must be the account holder in the Bank that operates the machine.
Analysts expect ATMs will become even more popular and predict an increase in the number of cash withdrawals at the ATM. ATMs of the future will likely be full service terminals instead of or in addition to traditional Bank tellers.
In many cases, banks and credit unions ATMs. However, individuals and businesses can also buy or lease ATMs, independently or through the franchise ATM. When individuals or small businesses such as restaurants or gas stations, ATMs, profit model is based on fees from users of the machine. Banks own ATMs for this purpose, and in addition, the convenience of the ATM is a service banks use to attract customers. ATMs also take some of the burden of customer service from the cashiers in banks, savings banks money in the costs of labour.
Fees at the ATM
Account holders can use the ATM of your Bank free of charge, but accessing funds through a unit owned by a competing Bank, usually for a small fee. In 2017, the average fee for cash withdrawal in ATMs of $4.69. Dallas boasted the lowest average price ATM is $4.07, while Pittsburgh, as a rule, have the highest average fees of $5.19.
Using ATMs Abroad
For travelers, ATMs make it simple to access their checking or savings accounts from virtually anywhere in the world. When travelers use foreign ATMs, they get a more favorable rate than they would be in most exchange offices. In addition, through ATM is easier than to excuse, and maybe it makes the journey safer, as the traveler will not have to carry a lot of cash. However, the account holder’s Bank may charge a fee per transaction or a percentage of the amount exchanged. Most ATMs don’t list the rate on the receipt, making it difficult to track expenses.