An ATM, short for Automated Teller Machine, is a banking outlet that works automatically and lets the customers to complete the basic transactions without the help of a teller, or say, branch representative. There is a need for a credit card or a debit card to access most ATMs.
The confusion of, who the inventor of the ATM machine is, still prevails. Not only one, but many of them out there claim to have invented the ATM machine. Luther George Simjian, along with Don Wetzel and John Shepherd Barron, also John D. claim to be the inventors of ATM. According to the ATMmachine.com believes that it was Luther George Simjian.
An ATM has four output devices and two input devices. Every ATM has to connect to a host processor. The two input devices include a card reader and keypad. The output devices are speaker, display screen, receipt printer, and cash dispenser. The card reader captures the information stored on the magnetic strip of the card and then the cash dispensing mechanism is where the cash is kept.
Most of the times you must have heard that the ATM machine has gone out of cash. Now, how so? This must have made you wonder how little cash it had! But an average ATM machine can hold around 200k cash.
Funnily the fact remains that Scot’s (claim to be the inventor of ATM) wife didn’t want the ATM pin to be of more than more digits long because she could remember only up to 4 digits. Moreover, the International standard for PIN management and security allows PIN from four to twelve digits.
The first bank to introduce ATM and hence ATM card to India was the HSBC. The full form of HSBC is Hongkong and Shanghai Banking Corporation. This event dates back to 1987. This was first installed at Andheri, Mumbai and was basically from Diebold. Now, most of the banks provide their ATM cards.
Step for transferring Money from ATM of one account to another
As per the official website of ICICI Bank, a customer can withdraw up to 50,000 rupees every day from their ATMs. Apparently, SBI has lower the limit of withdrawal to 20,000 directly from 40,000. For PNB platinum card withdrawal limit is 50,000 and for classic card 25,000.
Follow the steps and change your pin
If a user wants an ATM with the checking account then he must be 18 years or older. For those who are above 10 years and below 18 years can also get one under the requirement of a legal guardian or co-owner. There are different account options available for the minors.
When an individual forgets to take the cash from the machine then reversal of the amount happens. The ATM cash which is withdrawn from your account is debited but for any specific reason the cash does not get disconnected from the ATM then the customer should get the amount back.
ATM or an Automated Teller Machine has become a major part of our life as money. And getting hands on money has never been easy. The types of ATMs available in India range around 10 types. They are – Online ATM, Offline ATM, Onsite ATM, Offsite ATM, White Label ATM, Yellow Label ATM, Brown Label ATM, Orange Label ATM, Pink Label ATM, Green Label ATM.
ATMs deploy the use of the Operating system to perform the work assigned to them. Every bank has its own way of setting up the machines and selects the OS as per their ideas and requirement. But the common OSs used by the banks in ATMs are – Windows XP, Windows 7, Windows NT, OS/2, Ecomstation (a successor of OS/2) and lastly Linux.
At the Khunjerab Pass in Pakistan the world's highest ATM, located.
The first Atm machine was used by Actor Reg Varney in Enfield Town, north London on 27 June 1967
In Starting ATM was proposed for cash dispensing. Now you can use ATM's for following purposes too