6 Major Benefits of ATM Banking
The Automatic Teller Machine (ATM) is an electronic machine that facilitates basic banking activities like, depositing money, withdrawal of money etc. It is a modern device that seems to be on every street corner which is set up in all the important places by authorized banks. A customer has to collect his ATM card from a bank. The plastic ATM card is magnetically coded which can be read by the machine. ATM banking has revolutionized the whole system of monetary transaction. It has a number of useful advantages.
Excellent Round the Clock Service
ATM provides its customers with around the clock 24 hour banking services. The client can deposit or withdraw his money during any time of the day or night, up to a certain a limit. This is particularly beneficial if you need to withdraw your cash outside of business hours. One can eliminate the withdrawal limit by contacting the bank’s customer service.
Accessible from any part of the world
It is very easy to access your account from any ATM in any part of the world and withdraw cash even if your bank does not operate it. This is particularly beneficial for the tourists if he is on a tour and is short on money. To check a balance or make a withdrawal, one simply has to insert his ATM card and enter his PIN code.
ATMs have allowed customers to avoid long serials inside the bank. Banks usually contain multiple ATM machines. One can make a quick transaction avoiding a long serial and withdraw his money safely using an ATM.
Much more secure monetary transaction can be performed using ATM service. Your bank account is password protected. And in case you lose your card, you can call your bank’s customer care to block your account immediately. Monetary transactions can be done in a private way by virtue of ATM banking.
For the cash withdrawing purpose, a traditional banking system requires you to fill a number of official papers. Sometimes you will need to show verify your ID, showing a passport or your driver’s license. For using the ATM, you just need your ATM card and for account verification you’ll need your PIN number.
Convenient for Banks
In ATM Banking the clients can do all the work themselves at their desired time. It removes a lot of unnecessary serials out the bank’s branches, and keeps much lower traffic at business hours. Banks can offer more time to provide services to its clients when they need it most. So, banks get smaller lines, much more time, lesser salary costs, quicker and improved service, and lesser costs, unlike the conventional non ATM branch bank.
ATM banking has modernized our traditional banking system. It is very popular around the globe for its conveniences. It is one of the easiest systems of monetary transaction. Therefore, it is recommended for all to have their own ATM accounts.