Management Notes

Reference Notes for Management

ATM Full Form – Concept, History, Types, Advantages & Disadvantages of ATM | Management of Technology

ATM Full Form

ATM Full Form

ATM stands for Automated Teller Machine which makes managing money easy for bank account holders because it is a specialized computer. This allows them to check their balances, withdraw or deposit money, transfer money from one account to another, print a statement of account transactions, and even buy stamps.

By inserting a debit or ATM card in the machine and entering a Personal Identification Number (PIN), one can access the services above 24 hours a day, 7 days a week.

The first ATM was installed in June 1967 on a street in Enfield, London at a branch of Barclays Bank, credited to a British inventor named John Shepherd-Barron.

Different social contexts played an important role in furthering the cause of ATMs across different countries in the 1960s and 1970s. As a result of their arrival, the banking industry was radically transformed, as were the relationships between banks and their customers.

The automated teller machine (ATM) can also be known as an Automatic Banking Machine (ABM) which allows the users to complete basic transactions without any help from bank representatives. Basically, there are two types of automated teller machines (ATMs).

The basic account allows the users to only draw cash and receive a report of their account balance. Then there is a more complex machine that accepts deposits, processes payments through credit cards, and reports account information.

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