Automatic Teller Machines (ATM)
Automatic Teller Machines (ATM) is an electronic banking terminal that provides customers with access to financial transactions
- Characteristics and uses of ATMs:
- Withdrawing cash: Obtain money from a bank account
- Depositing cash or cheques: Add funds to a bank account
- Checking account balance: View the current balance of a bank account
- Mini statements: Obtain a summary of recent transactions
- Bill paying: Settle utility bills and other payments
- Money transfers: Send funds to another bank account
Advantages and disadvantages of ATMs
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Convenient access to banking services |
Risk of theft or fraud |
Available 24/7 |
Limited services compared to bank branches |
Reduced waiting time |
Technical issues and machine downtime |
Global access to funds |
Fees for transactions at non-network ATMs |