ATMs as Window to Banking

Essay by teecieCollege, UndergraduateA+, May 2009

download word file, 5 pages 0.0

�PAGE � �PAGE �7� ATMs

Running Head: ATMs as Window to Banking

ATMs as Window to Banking


It is undeniable that the popularity of Automated Teller Machines is rising. The Automated Teller Machine has reached its popularity An Automated Teller Machine (ATM) is a telecommunications device that allows customers of a bank to access their account or make financial transactions in a public space without the personal assistance from a human clerk or bank teller. In most ATMs, the customer is given a card made of plastic with a magnetic stripe or a smartcard with a chip, which they insert to the machine for identification and access. This identification contains a unique card number and security information (Bellis, 2009).

Some ATM machines allow making deposits, checking account balances, getting cash, and transferring money. Other ATM machines only give out cash and commonly found in high-traffic areas such as convenience stores, movie theaters and hotels.

Using ATM cards in these locations often has high transaction fees (Bellis, 2009).

ATM Technology

An Automatic Teller Machine (ATM) enables a bank customer to transact through almost every other ATM machine anywhere (Robat, 2006). Customers can access their bank accounts to make cash withdrawals (or credit card cash advances) and make other transactions such as checking account balances, purchasing mobile cell phone prepaid credit, money transfer and deposits.

Automated Teller machines are kiosk devices connected through an internetworking communication means. Access to bank accounts is made possible via telephone networking, a host processor, or a bank computer. Through ATM, bank patrons can electronically access their financial accounts and make bank transactions such as withdraw or deposit funds, make payments, or check balances. Most financial institutions put a limit on how much cash you can withdraw in a single day (Bowen, 2009).

Automated Teller Machines...