What is the full form of ATM

Here, you will get the answer of following ATM related questions: what is the full form of ATM, what does ATM stand for, what is the meaning of ATM, how ATM works and what does ATM.

ATM : Automated Teller Machine

The full form of ATM is Automated Teller Machine. ATM is an electro-mechanical machine that is used for making financial transactions from a bank account. These machines are used to withdraw money from personal bank accounts.

This makes banking process very easy because these machines are automatic and there is no need of human cashier for transaction.

How ATM works

To start the functioning of ATM, you have to insert plastic ATM cards inside the ATM machines. In some machines you have to drop your cards, some machines allows swapping of cards. These ATM cards contain your account details and other security information in the form of a magnetic strip. When you drop/swap your card, machine gets your account information and asks for your PIN no. After the successful authentication, machine will allow financial transactions.

What ATM does

Now a day, ATM has a lot of functionalities along with its basic use of cash dispensing. Some of them are:

• Cash and cheque deposit
• Fund transfer
• Cash withdrawal and balance enquiry
• Bill payments and mobile recharge etc.

The first ATM was used to dispense cash for customers by Chemical bank at New York (USA) in 1969.

Note: PIN is a 4 digit security number provided by the bank with the ATM card. PIN number is changeable, you can change it according to your convenience.

Important Facts about ATM

Inventor of ATM: John Shepherd Barron.

World's first floating ATM: State Bank of India (Kerala).

First Introduced ATM in INDIA by: HSBC (Hongkong and Shanghai Banking Corporation) in 1987.

ATM Machine and ATM

Let's see the image of ATM machine.

Let's see the image of ATM card.