ATM stands for Automatic Teller Machine. The machine is a computerised and telecommunications-controlled equipment that offers consumers with financial transfer services such as..

Cash withdrawal, deposit, money transfer, or account information. In this transfer, the consumer does not need the assistance of a cashier, clerk, or bank teller.

(ATM) machines are classified into two types: those with simple functionalities that allow you to withdraw cash and those with more advanced functions that allow you to deposit cash.

Advantages

-Withdraw money -You don't have to carry cash with you all the time.  -You can see how much money remains in the account.

ATMs offer 24-hour banking services to its users, allowing them to withdraw cash at any time of day or night. There is no need for withdrawals or deposit slips to withdraw or deposit money.

Customers may access a bank from anywhere in the world and acquire essential financial services like as deposits, fund transfers, and so on.

Expansion of services to any part of the world: Banks may expand their services to any part of the world by giving their customers with electronic access.

Disadvantages

You can obtain personal information if an ATM machine is hacked. There is a cash withdrawal restriction from ATMs.

ATM card misuse: If an ATM card is lost, it might be used fraudulently.  Customers lose personal touch with their bankers as a result of the loss of personal interaction.

The ATM may be unavailable (system down).  The cash in an ATM might run out. The fees levied by some banks for using ATMs might be rather high.

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