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    What Is An ATM: Automated Teller Machine

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    Tilahun Girma
    An ATM, or automated teller machine, allows customers to perform financial transactions without a human bank teller. The most common ATM functions are withdrawals from savings or checking accounts, deposits into those accounts, and checking account balances. ATMs enable customers to access their money 24/7 through these electronic self-service machines.

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    What Is An ATM: Automated Teller Machine

    Uploaded by

    Tilahun Girma
    178 views6 pages
    An ATM, or automated teller machine, allows customers to perform financial transactions without a human bank teller. The most common ATM functions are withdrawals from savings or checking accounts, deposits into those accounts, and checking account balances. ATMs enable customers to access their money 24/7 through these electronic self-service machines.

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    ATM

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    An ATM, or automated teller machine, allows customers to perform financial transactions without a human bank teller. The most common ATM functions are withdrawals from savings or checking accounts, deposits into those accounts, and checking account balances. ATMs enable customers to access their money 24/7 through these electronic self-service machines.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    178 views6 pages

    What Is An ATM: Automated Teller Machine

    Uploaded by

    Tilahun Girma
    An ATM, or automated teller machine, allows customers to perform financial transactions without a human bank teller. The most common ATM functions are withdrawals from savings or checking accounts, deposits into those accounts, and checking account balances. ATMs enable customers to access their money 24/7 through these electronic self-service machines.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 6

    ATM

    what is an ATM
    ATM: Automated Teller Machine
    •is an electronic telecommunication device that
    enables the customers of financial institution to
    perform financial transactions, particularly cash
    withdrawal without the need for human cashier,
    clerk or bank teller

    By Inst. Tilahun Girma


    Functions of ATM machine
    The automatic teller machine (ATM), used by banks and

    customers for a variety of functions

    A. Withdrawals : the most common function of the modern


    ATM, withdrawals are usually allowed from a user's
    savings or checking account.
     Saving accounts : is the types of bank deposit which is
    not intended for daily use but to stay in the account and
    earns high interest . By Inst. Tilahun Girma
    Functions of ATM machine cont...
    Checking accounts : a type of bank deposit account that is
    designed for every day transactions.
    Comparison chart
    Checking account Saving account
    Withdrawal restriction None Typically 3-6 month
    allowed to withdraw
    only a portion of the
    account balance
    Minimum balance Vary by bank Vary by bank
    Designed for Regular use Saving money risk free
    for long or short term
    Interest earned Nominal/none Yes but amount varies by
    bank
    Access Any time To use money first
    transfer it to checking
    account
    Functions of ATM machine cont...
    B. Deposits : Similarly, most (but not all) ATMs allow
    deposits to be made to both checking and savings
    accounts.
    These deposit functions sometimes require cash or checks
    in envelopes, although many ATMs allow you to deposit
    without the use of envelopes
    C. Balance Inquiries : Another common function of
    the ATM is the ability to check account balance, for
    savings or checking, and to print out that balance for
    future reference.
    By Inst. Tilahun Girma
    Functions of ATM machine cont...
    D. Account Transfers : Account transfer is a popular
    function for those who carefully manage the funds in
    more than one account, and can be used to move funds
    from one account (for example, a checking account) to
    another (like a savings account).

    By Inst. Tilahun Girma


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