InvestorQ : What is an automated teller machine (ATM)?
Anjali Desai made post

What is an automated teller machine (ATM)?

Answer
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Sadaf Khan answered.
1 year ago


ATM or automated teller machine is a machine that allows a user to conduct the most basic banking transactions, such as withdrawing money, depositing money, checking account balance, etc.

An ATM can be considered as an outlet or a branch of a bank without any representative.

An ATM can be accessed via debit or credit cards.

ATMs are convenient and easy to use. It helps decrease the number of times you need to visit your bank for small transactions such as withdrawing or depositing money.

Most ATMs allow you to conduct transactions, even if you do not have an account/debit/credit card with that bank. However, this facility attracts some charges.