{"id":151458,"date":"2022-02-22T13:34:24","date_gmt":"2022-02-22T08:04:24","guid":{"rendered":"https:\/\/www.aplustopper.com\/?p=151458"},"modified":"2022-02-22T19:51:18","modified_gmt":"2022-02-22T14:21:18","slug":"advantages-and-disadvantages-of-atm","status":"publish","type":"post","link":"https:\/\/www.aplustopper.com\/advantages-and-disadvantages-of-atm\/","title":{"rendered":"Advantages And Disadvantages Of ATM | What is an ATM?, Merits and Demerits of ATM"},"content":{"rendered":"
Advantages And Disadvantages Of ATM:<\/strong> Automated Teller Machine or ATM is an electronic device installed by the bank that allows customers to perform financial transactions with the bank from any location and at any time even beyond banking hours. The bank account holder accesses the ATM through an ATM card which is unique for each customer and carries his identity. ATMs are convenient for customers to perform activities such as cash withdrawals, deposits, balance checking, and other operations. ATMs enable customers to perform financial transactions on their own without the involvement of bank staff. ATM operates using a stable internet connection, requires an ATM card to get activated, and after matching the card’s information dispenses cash as per the amount specified by the user.<\/p>\n Students can also find more\u00a0Advantages and Disadvantages<\/strong><\/a>\u00a0articles on events, persons, sports, technology, and many more.<\/p>\n ATMs are the machines that are connected to the host server of the bank for data transfer. The ATM is a device consisting of a keyboard, card reader, and monitors for input-output operations. It reads the card\u2019s information, connects to the host processor through the unique PIN (personal identification number), and checks the details of the cardholder. Once the machine matches the data, it accepts the ATM card for further processing and transactions. The user then selects the appropriate option for withdrawal and the device performs the electronic fund transfer with the bank account. The entire operation takes a few minutes thereby saving a lot of time and effort for the customer as well as banking staff.<\/p>\n <\/p>\n <\/p>\n Question 1.<\/strong> Answer:<\/strong> Question 2.<\/strong> Answer:<\/strong> Question 3.<\/strong> Answer:<\/strong> Advantages And Disadvantages Of ATM: Automated Teller Machine or ATM is an electronic device installed by the bank that allows customers to perform financial transactions with the bank from any location and at any time even beyond banking hours. The bank account holder accesses the ATM through an ATM card which is unique for each […]<\/p>\n","protected":false},"author":5,"featured_media":151460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[74922],"tags":[],"yoast_head":"\nWhat is an ATM? Advantages and Disadvantages of ATM 2022<\/b><\/h2>\n
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<\/a>Advantages of ATM<\/h3>\n
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<\/a>Disadvantages of ATM<\/h3>\n
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<\/a>Comparison Table for Advantages and Disadvantages of ATM<\/h3>\n
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\n Advantages<\/b><\/td>\n Disadvantages<\/b><\/td>\n<\/tr>\n \n The ATM provides customers the facility of a user-friendly model of self-service operations to withdraw money from the account in a quick and convenient way.<\/td>\n ATMs often cannot provide adequate services in a rural region in our country because banks that are available in the villages have mostly non-computerized branches. So ATM services cannot be provided in those areas.<\/td>\n<\/tr>\n \n Customers can withdraw cash through an ATM and no longer need to visit the bank to avail the service. This has allowed bank staff to handle fewer customers and has helped banks to reduce the workload to a great extent.<\/td>\n There is a limitation of the amount that can be withdrawn from ATMs. Banks also charge fees for the withdrawal of the extra amount of money within a specified time frame. Money that is withdrawn from other banks\u2019 ATMs also incurs additional charges.<\/td>\n<\/tr>\n \n ATMs allow withdrawal of cash at any time by offering 24 X 7 service so anyone can withdraw money as per his convenience or on an urgent basis without visiting the bank or even beyond banking hours.<\/td>\n The ATM card and the PIN is the only way to access the ATM. If an ATM card is lost or PIN is disclosed, there is a possibility of fraud and misuse of the card by an unauthorized person that leads to unwanted money transfer from the account.<\/td>\n<\/tr>\n \n The ATM facilities can be availed from any location as ATMs are installed in different parts of the country which is an advantage for travelers. ATMs are available in many important places like railway stations, airports, hospitals, etc. facilitating people to withdraw cash as and when needed.<\/td>\n Some customers who are not habituated in handling ATM cards or may not have proper knowledge about ATM operations found it inconvenient and feel hesitant to use it.<\/td>\n<\/tr>\n \n The operations performed by ATMs do not involve any human intervention, so it saves a lot of time. Moreover, as the activities are controlled by the machine, there is less possibility of errors due to manual work.<\/td>\n The smooth operation of an ATM requires a stable connection between the device and the host server of the bank. If the connection is lost, the ATM becomes non-operational and it fails to provide customers the required facilities.<\/td>\n<\/tr>\n \n ATMs offer privacy to customers in handling financial transactions by allowing self-service.<\/td>\n ATMs are more vulnerable to theft and burglary especially in remote areas due to a lack of proper security measures like a bank.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/a>FAQ’s on Advantages And Disadvantages Of ATM<\/h3>\n
\nWhat is the full form of an ATM?<\/p>\n
\nThe full form of ATM is Automated Teller Machine.<\/p>\n
\nWhat is the primary use of an ATM?<\/p>\n
\nThe primary use of an ATM is to withdraw money from the bank account through self-service using the debit card or ATM card.<\/p>\n
\nWhy does an ATM sometimes fail to dispense cash?<\/p>\n
\nATM sometimes fails to dispense cash if its connection to the bank’s host server is lost or it has a shortfall of cash inside it.<\/p>\n","protected":false},"excerpt":{"rendered":"