Gone are the days when you had to stand in long queues or wait for hours to withdraw cash from your bank. In fact, many young people have never even experienced that hardship. We owe this ease in making transactions and quick access to money to the Automated Teller Machine or ATM.
What is an Automated Teller Machine (ATM)?
An ATM (automated teller machine) is an electronic banking platform. You can complete basic transactions yourself without reaching out to a branch representative or teller. You can withdraw cash using a debit card or credit card.
Understanding ATMs
The first ATM was introduced in 1967 at a branch of Barclay’s Bank in London. Today, we have more than 2.2 million ATMs around the world. ATMs are widespread because they are easy to use. Anyone can deposit, withdraw, make bill payments, and transfer money between accounts with a few clicks.
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Types of ATMs
There are two types of ATMs: One that dispenses only cash and other that accepts check deposits, balance transfers and bill payments.
ATMs are usually found outside of bank branches. Some ATMs are also located in busy shopping malls, grocery stores, airports, bus stops, railway stations, gas stations, or restaurants. ATMs near the banks are usually multi-functional, while those near busy spots are mostly only for emergency cash withdrawals.
However, you may have to pay a fee usually charged for cash withdrawals if you use an ATM operated by a different bank or even another branch. To avoid ATM fees, use an ATM operated by your bank.
ATMs allow people to access their checking or savings accounts from almost anywhere in the world.
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Automated Teller Machine (ATM) of the future
With the rise in the use of cryptocurrency, crypto tokens like Bitcoin undergo transactions using Bitcoin ATMs. These Bitcoin ATMs are terminals with internet connections that dispense cash in return for cryptocurrency. You can also purchase cryptocurrency using cash or a credit card. Today, there are almost 10,000 Bitcoin ATMs around the world.
