ATM
Full Form Name: ATM Meaning
ATM
Full Form Name: ATM Meaning
Full Form of ATM:
Automated Teller Machine
ATM Full Form is Automated
Teller Machine. ATM is a computerized machine placed by the local banks in
various places of a city or town to enable customers to access their accounts
and perform certain banking operations. Depending on the country the term ATM
has different names like; Cash Machine, ABM or Automatic Banking Machine, Cash
Line, etc. Let us shed some light on ATM Full Form.
The world has seen a revolution
in the economics of life. In our rudimentary stage of development, human beings
adopted the barter system, where they would exchange goods. Back then, there
was nothing called “money” and everything depended on the value and quantity of
the goods exchanged. With time, human developed various methods of a commercial
transaction from copper coins to paper notes. All of them have seen the
economics of human beings develop.
However, a major breakthrough
occurred when commercial transactions transformed from paper notes to plastic
cards. Now these plastic cards have become essential in the monetary system of
the world. Plastic cards, or generally known as ATM cards, are perhaps one of
the most popular methods of engaging in quick, convenient commercial or
non-commercial transactions. The advantages appended to the use of ATM are much
to the liking of the modern, technology-loving world.
Definition of ATM:
ATM, the three letters themselves
form quite a convenient term. Now that these three letters have become an
inseparable part of modern economics, let us understand what exactly ATM refers
to. ATM is an electronic device that enables customers of financial
institutions to perform certain basic financial transactions like cash
withdrawal without the aid of a cashier or clerk.
When customers use their ATM
cards for any financial transactions, they can access their bank deposits or
credit accounts to perform the same. Through an ATM card, a customer can
perform transactions like cash withdrawal, mobile recharge, online shopping,
etc.
Types of ATM :
There are two types of ATM machines:
§ Basic unit : It
allows only to withdraw cash and get the reports of your account balance.
§ Improved or
complex unit : It lets you perform all other tasks such as paying bills,
transferring money, making deposits, etc.
How ATM identifies customers?
The most important tool required
to operate an ATM a is debit card or credit card from the respective banks.
These debit or credit cards have magnetic stripes, Card Verification Value
(CVV) code and unique card number specific to each customer. With the help of
these three factors ATM can identify each customer. However, the authentication
to perform any transaction is to be given by the customer with his or her
Personal Identification Number (PIN).
Parts of ATM:
ATM consists of the following parts:
Input Units:
Card Reader: The card
reader of ATM captures account information of customers when the magnetic
stripe on the back side of the card is swiped or pressed.
Keypad: Keypad enables
customers to enter details like PIN, type of withdrawal, balance inquiry etc.
Output Units:
Display Screen: It displays
the communication between ATM and the customer. You can see the question asked
by the ATM and the input provided by the user displayed on the screen during
each step of the transaction.
Cash dispenser: Cash dispenser
is the one which gives you money after completing all verification process.
Receipt printer: This gives you
the receipt of your transaction. The receipt may contain information like
amount withdrawn, date and time of transaction and balance amount in your
account.
How does ATM Work?
When the customer enters PIN, the
account information is sent to the host processor. Host processor is a gateway
through which various ATMs are networked. So the host processor sends those
account information to a particular bank in which the customer has his or her
account. If all the details are correct, then the amount requested by the
customer is electronically transferred (i.e. electronic fund transfer) from the
customers’ account to the host processor account. Finally the host processor
sends an approval code to the particular ATM machine to complete
transaction.
How is an ATM card different from
a debit card?
The terms ATM cards and Debit
cards are popularly but wrongly used synonymously though there are differences
between the two. These two differences are important for any customer of a
financial institution.
An ATM is a pin-based card, which
allows making purchases by entering Personal Identification Number. A Debit
card is used in a similar way as an ATM card but the former will always carry a
Visa® or MasterCard® logo on itself. This means a debit card can only be used
where Visa® or MasterCard® debit cards are accepted.
Additionally, debit cards usually
have a wider scope and can be used at many locations. Meanwhile, an ATM card’s
use is generally limited to the bank’s ATM or any other bank’s ATM with whom
the former has a tie up.
How to withdraw money from ATM?
Withdrawal of money is one of the
most commonly performed exercises via ATM cards. In order to withdraw money
from an ATM machine, the procedures are utterly simple and time-saving.
The first thing to do is to
insert your ATM card into the thin slide on the ATM machine. The ATM card must
be inserted with the side having an arrow on it going in first. The ATM machine
will scan your card and options will appear on the ATM machine’s screen. Enter
your PIN and proceed. Then, you select Cash Withdrawal option, then From Saving
and then, enter the amount you wish to withdraw. Select Yes. Collect your
receipt, if you have selected for one.
Safety measures while using ATM
cards:
ATM cards may give you tremendous
convenience but they must be handled with care and caution. They hold keys to
your bank accounts and therefore, extra care must be undertaken while using ATM
cards. Some of the measures one must take when using ATM cards are as follows:
§ Make sure you
do not have anyone around you, while accessing the ATM machine. It is advisable
that ATM machines at the corner of buildings should not be used as they have
many blind spots, which can be misused by miscreants.
§ Do not use the
ATM machine that shows the unusual number of options that you are unfamiliar
with.
§ Do not share
your PIN code with anyone. Do not allow people to peep, while you are using the
machine.
§ Do not count
cash at the machine or in public. Make sure you are in a quiet, private place
when you count cash.
§ Carefully
monitor all of your bank statements.
How to avoid ATM frauds:
The world is not a secure place
to live. There are many dishonest persons and organizations waiting to swindle
away your hard-earned money through fraudulent methods. Therefore, one must be
undertake certain safety measures to avoid any fraud.
The same applies to ATM cards,
which are exceedingly becoming susceptible to frauds. Therefore, certain safety
measures must be undertaken to ensure protection to your money.
§ Make sure you
regularly check your bank account. This is the easiest way to detect ATM
frauds. Regular check-ups will keep you updated about recent withdrawals and
transactions.
§ Do not use ATM
machines that are located in isolated places.
§ A slow or
lagging ATM machine is often a sign that the ATM machine has been tampered with
and therefore, you should not immediately stop from conducting any further
transaction from that machine.
§ Do not give PIN
to anybody online. There are many spam and fraudulent mails send everyday to
con people, by asking them to provide their PIN code.
What is ATM Skimming?
ATM skimming is yet another
infamous method relating to ATM frauds. ATM Skimming is similar to identity
thefts of debit cards. In this, the thieves make use of certain electronic
devices that steal card information, including the PIN code, whenever a card is
inserted into an ATM machines. The PIN code is generally recorded in spy
cameras installed by thieves but use of false pads is becoming popular.
ATM skimming is a great problem,
as it often goes undetected. Therefore, there are certain precautions ATM users
must themselves take to avoid any mishap.
How to avoid ATM Skimming?
Some of the measures are as
follows:
§ Always pay
attention to objects attached to ATM machines or located close by.
§ In case the key
pad on the ATM machines works oddly, like its keys are protruding strangely or
there is an odd change of color between ATM machines and key pad, then there is
a reason to suspect.
§ Check if the
ATM is unusually tampered or broken from any place.
§ If the ATM
machine prima facie looks fine, push at everything. Since ATMs are strongly
built, they will not have any loose components and if they do, then you know
what you have to do next.
ATM daily withdrawal limit:
The largest public sector bank of
the country, State Bank of India, has placed the withdrawal limit of Rs. 40,000
and withdrawal limit of Rs. 50,000 per day. While other banks in the country
have placed differential withdrawal limits per day, all the banks are still
allowing limit of Rs. 10,000 per transaction. Such transactions are allowed
five times a month.
History of ATM machines:
The first ATM machine was
installed by the Barclays Bank in North London way back in the year 1967.
However, it was only in the year 1968 that the world witnessed the networked
ATM. The concept of Networked ATM was first explored by Donald Wetzel from the
United States.
In the year 1969, the United
States had its first ATM installed in Rockville Centre. The ATM was installed
by the Chemical Bank and was designed by Donald Wetzel and the company where he
worked, Docutel. In the year 1972, the world witnessed the installation of its
first modern ATM machine. It was an IBM 2984 and was used at Lloyds Bank,
Brentwood High Street, Essex, England.
Eventually, upgraded versions of
ATM machines came into existence and what happened next is not too difficult to
imagine; the use of ATM machines became ubiquitous.
Global uses of ATM machines:
ATM machines have brought in much
needed relief from tedious, long hours visit to banks for simplest
transactions. They have become ubiquitous in utility. The global uses of ATM
machines are immense in numbers. Estimates show that approximately 2.2 million
ATMs are operational, with 1 ATM per 3000 people in the world. In fact, despite
these large numbers, populated regions, especially from the Indian
subcontinent, demand more installations of ATM machines.
Uses of ATM:
The primary function of an ATM is
to enable cash withdrawal without the need for a human assistance. However,
they have evolved into a system to help customers to perform various bank
related functions. Some of them are listed below.
§ ATM Helps you
to pay bills like electricity bills, phone bills, taxes etc.
§ You can print
bank statements and update passbooks.
§ You can
transfer money from one account to the other. Money transfer can also be done
between linked accounts. For example, money can be transferred from checking
account to savings account.
§ You can pay the
credit bills through ATMs.
ATM Full Form: Asynchronous
Transfer Mode
Full Form of ATM refers to Asynchronous
Transfer Mode. It is a concept used in the telecommunications field for
carrying user traffic which includes voice, video signals and data. This
concept was defined by International Telecommunication Union (shortly known as
ITU) and the American National Standards Institute (shortly known as ANSI). It
was basically designed for networks that should handle high-throughput data traffic
such as files and also low latency contents like voice and videos. ATM encodes
data into small sized pockets which are called cells. These cells are also
known as ISO-OSI frames. These frames are having fixed length of 53 octets or
53 bytes.
ATM was so popular among computer
manufacturers and telephone companies in the 1990s. Particularly, FORE Systems
was more focused on delivering ATM products while companies like Cisco Systems
provided it as one of the options. In 2005, ATM Forum which was promoting the
ATM technology till then had merged with other forums and became the popular
Broadband Forum.
Wireless ATM:
In Mobile ATM or Wireless ATM,
transmission of cells takes place between base stations and mobile terminals.
Mobility functions are executed in the crossover switch which is considered to
be the core network of the ATM. It has high bandwidth and all the high speed
handoffs are done at Layer 2. NEC Corporation’s Research Labs and Bell Labs
worked very actively in this technology in the early 1990s.
Full Form of ATM: Air traffic
management
ATM Full Form can refer to Air
Traffic Management. This term is used in the aviation industry that
encompasses all the systems assisting aircrafts to depart from the aerodrome,
to transit airspace and land safely at the destination aerodrome. It includes
various activities such as Air Traffic Control, Air Navigation Systems, Air
Traffic Services, Air Space Management, Air Traffic Flow Management, etc…
ATM Full Form: Adobe Type Manager
Full Form of ATM may also refer
to Adobe Type Manager. It is a set of computer programs marketed by the
software giant Adobe Systems. These programs are to be used with the Adobe Type
1 fonts. ATM was originally created for Apple Macintosh platform which was used
to scale the type 1 fonts that would appear smooth on the computer monitor. In
1996, the original ATM name was changed to ATM Light and ATM became font
management software known as ATM Deluxe. ATM Deluxe had more functions than ATM
Light which helps scanning the document for possible duplicate fonts,
activating and deactivating fonts, viewing font samples etc… However, Adobe
ceased developing ATM Deluxe when Apple moved to Mac Operating System.
Full Form of ATM: Association of
Teachers of Mathematics
ATM Full Form can be Association
of Teachers of Mathematics. It is a kind of a professional organization
which strives for the mathematical education development. Founded by Dr. Caleb
Gattegno in 1950, ATM focuses on how mathematics can be learned in a more
enjoyable way. It is a membership association and anyone who has interest in
mathematics can become a member. Presently it has over 4000 members who are
teachers working in primary schools and secondary schools.
ATM Full Form: A Thousand Miles
Full Form of ATM might refer to
A Thousand Miles. It is a pop song written and sung by American singer
Vanessa Carlton and produced by Ron Fair and Curtis Schweitzer. It was recorded
for the album named “Be Not Nobody” which was released as single in 2002. Being
the signature song of Vanessa Carlton, it became a most popular song for the
year 2002. In fact, it still remains the biggest hit for her and featured in
the “Billboard Hot 100” a record chart for singles in the United States.
Full Form of ATM: Anything That
Moves
ATM Full Form may be Anything
That Moves. It was a popular magazine published in USA between 1990 and
2002. ATM was a topical magazine published by Bay Area Bisexual Network which
covered literary and journalism. The magazine had a mission of redefining the
concepts of gender and sexuality to defy the stereotype definitions of
bisexuals.
ATM Full Form: Army Ten-Miler
Full Form of ATM can also be Army
Ten-Miler. It is the 2nd largest ten-mile race (16 km) in the
USA which is typically held every year in the month of October. The sponsor of
this race is United States Army Military District of Washington. Few fitness
officials of Army Headquarters in Pentagon started this race in 1958. Subsequently
it was taken over by Military District and managed by professional staff.