The full form of atm is Automated teller machine. A teller machine (also known as an automated teller machine) is an electronic banking outlet that allows customers complete basic transactions on their own without the assistance of a bank representative or teller. Anybody with a credit or debitcard can access cash at any ATM.

A = Automated

T = Teller

M = Machine

ATMs make it easy for consumers to conduct quick transactions like deposits, cash withdrawals and bill payments. Cash withdrawals can be charged by the ATM operator, the bank that the account is held, or both. You can avoid some or all of these fees by using an ATM that is operated directly by your bank. ATMs are also known as automated bank machines (ABM), or cash machines in various parts of the globe.

Despite the fact that each ATM has a unique design, they all have the same basic components:

Card reader: This component reads the magnetic stripe on the back of the card or the chip on the front of the card.

Keypad: The customer uses the keypad to enter information such as their personal identification number (PIN), the kind of transaction required, and the transaction amount.

Cash dispenser:  Bills are dispensed through a slot in the machine that is connected to a safe at the machine’s bottom.

Printer: Consumers can ask for receipts to be printed here if they need them. The type of transaction, the amount, and the account balance are all recorded on the receipt.

Screen: The ATM sends out instructions that guide the customer through the transaction process. Details such as account information and balances is also displayed on the screen.