In this post, we will try to cover up the frequently asked questions related to ATM in the banking sector: what is the full form of ATM in English? what does ATM stand for, what is the meaning of ATM, how ATM works and what does ATM?
Full Form of ATM is Automated Teller Machine
What is the Full Form of ATM in Banking Sector?
The full form of ATM is Automated Teller Machine which is used to withdraw money from personal bank accounts. ATM is an electro-mechanical machine that is established by the bank in various locations. It is used for performing many other financial transactions from a bank account such as cash withdrawals, deposits, funds transfers, balance inquiries or other account information inquiries, 24 hours a day and without direct interaction with bank staffs.
There is also a rumor in the trend that the full form of ATM is Any Time Money. But, actually, it is not the original meaning. People started to elaborate ATM as a machine that provides money at any time.
What are Functions of ATM Machine?
Basically the ATM machine can be of two types in terms of its basic function. One where you can withdraw cash from your bank account and another one with more advanced functions where you can also deposit cash and cheque. Other functions are listed below:
- Cash Withdrawal
- Cash Deposit
- Cheque Deposit
- Fund Transfer
- Balance Enquiry
- PIN Generation and PIN Change
- Mini Statement
- Utility Bill Payments
- Mobile Top-up Recharge