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ATM Machine

ATM Machine

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Published by vaishalisam

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Published by: vaishalisam on Mar 09, 2010
Copyright:Attribution Non-commercial

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04/06/2011

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ATM Machine
 
Introduction
A
automated teller machine
(
ATM
) or the
automatic bankingmachine
(
ABM
) is a computerised telecommunicationsdevice that provides the clients of a financial institution withaccess to financial transactions in a public space without theneed for a cashier, human clerk or bank teller. On mostmodern ATMs, the customer is identified by inserting a plasticATM card with a magnetic stripe or a plastic smart card with achip, that contains a unique card number and some securityinformation such as an expiration date . Authentication is provided by the customer entering a personal identificationnumber (PIN)
 
Using an ATM, customers can access their bank accounts1.To make cash withdrawals2.Check their account balances3.exchange rate for foreign travellers.
Example- If the currency being withdrawn from the ATM isdifferent from that which the bank account is denominatedin (e.g.: Withdrawing Japanese Yen from a bank accountcontaining US Dollars), the money will be converted at awholesale exchange rate. Thus, ATMs often provide the best possible exchange rate for foreign travellers and areheavily used for this purpose as well.

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