What are the Benefits of Automated Teller Machine (ATM)?

The term ATM stands for Automated Teller Machine. It is a machine installed by a bank for providing banking service for 24 hours. The customer is given a ‘ATM Card’ and a code number. He can withdraw cash at any time up to limit from ATM.

The various facilities provided by ATM are :

1. Cash withdrawals.

2. Cash deposits.

3. Balance enquiry or checking the balance in the bank account.

4. Request for statement of account.

5. Change of personal identification number(PIN).

6. Cheque book request.

7. Transfer of funds from one account to another account.

8. Other facilities like bill payments.