What is full for OF ATM?
Friends, In this article you will find answers to the questions related to ATM: what is the full form of ATM, what is ATM, what does ATM mean, how does ATM work and what does ATM do. And 8 facts about ATM?
ATM: Automatic Teller Machine.
The full form of ATM: Automated Teller Machine. ATM is an electro-mechanical machine used to conduct financial credit & debit from an account. These machines are used to credit & debit money from personal bank accounts.
This makes the banking process a lot easier as these machines are automated and there is no need for a human cashier for transactions. ATM machines are 2 types; One with basic functions where you can credit cash and another with more advanced functions where you can transfer cash.
ATM’s basic parts.
ATM is a user-friendly machine. That introduces various input and output devices to enable peoples to credit or deposit money easily. The main input and output devices of ATM are mentioned below:
ATM’S input device:
Card reviewer: It is the input device that reads the data of the card which is stored in the magnetic stripe on the backside of the ATM card. When the card is swiped or inserted in a given location, the card reader captures the account details and sends it to the server. Allows to withdraw cash based on account details and orders received from user server
ATM output devices
Peak: This is provided to give audio feedback at the ATM when a key is pressed.
Display screen: It displays information related to the transaction on the screen. It appears the steps of cash withdrawal one by one in sequence. It can be a CRT screen or an LCD screen.
Getting Printer: It gives you a receipt with the details(data) of the transaction printed on it. It shows you the details (date and time) of the transaction, withdrawal amount, balance, etc.
Cash dispenser: This is the main output device of the a ATM as it disputes the cache. The high precision sensors provided at the ATM allow the money dispenser to the right amount of money required by the user.
How ATM works.
To start the functioning of ATMs, you need to insert plastic ATM cards inside the ATM machines. In many machines you have to put your cards, some machines allowed cards to be swap. These ATM cards contact your bank account details and other security information in the form ATM of a magnetic stripe. At a time you drop/swap your card, the machine gets your account information and asks for your PIN number. After completed authentication, the machine will allow cash windrow/transfer transactions.
8 facts about ATM.
The inventor of ATM: John Shepherd Barone.
ATM PIN Number: John Shepherd Barone thinked (thought) of having 6 digit PIN number for the ATM, As it was not easy for his wife to remember the 6 digit PIN, so he planned to produce a 4 digit ATP PIN number. Now you know very well.
First floating ATM of world: State Bank of India (Kerala).
First ATM in India: Established in 1987 by HSBC (Hong Kong and Shanghai Banking Corporation).
First ATM in the World: It was installed on 27 June 1967 at Barclays Bank, London.
ATM without a bank account: In Romania, which, European country, anyone can withdraw money from an ATM without a bank account.
Biometric ATM: Biometric ATM is used in Brazil. As the name suggestion, the people that users are required to scan their fingers at these ATMs before withdrawing money.
World’s Highest ATM: It is set up primarily for Army personnel at Nathu-La. That is 14,300 feet above ocen level and is operated by Union Bank of India.
The first time used by, Famous comedy actor Reg Varney was the first person to withdraw cash from ATM.
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