Automatic Teller Machines

ATM commonly known as ‘Automatic Teller Machine’ or ‘Anytime Money’ has now become a multipurpose utility facility for Bank clientele.

People get fed up of standing in long queues for bill payments, checks, mobile recharge and other banking transactions. Now one can perform all these transactions at the push of a button by inserting an ATM card in the machine.

While walking down the street, one can notice a considerable mushrooming of ATMs or ‘Automatic Teller Machines’ at and around most street corners. These ‘Any Time Money’ outlets, as some banks call them are computerized machines which allow conducting various banking transactions at the push of a button, 24 hours a day, whether the bank is open or hours. Not only have the number of outlets increased but so have the facilities that they offer. Here’s a closer look at how they function and the facilities they offer.

Using ATMs:

To gain access to ATM facilities, all one requires is a savings/current account with a bank that offers this facility, ATM card and Personal Identification Number (PIN). These will be dispatched to the customer from the bank once he/she registers for the facility, either through the internet or by filling in a form at a bank branch. Once the customer has these, he/she can withdraw cash, transfer funds, refill mobile, pay utility bills, invest in mutual funds and do a lot more, all through the ATM.

Cash withdrawals:

ATMs enable to withdraw cash and review balance, any time of the night or day. All one needs to do is insert ATM card in the appropriate slot of the machine and enter his/her PIN. Then, the customer can choose from the options displayed on the screen of the machine. The customer will receive cash and a receipt stating the withdrawal amount and the balance available in his/her bank account.

Payments of utility bills:

You can also perform non-banking transactions like payment of your utility bills through ATMs. These include your mobile bills, electricity bills, telephone bills, municipal taxes, credit card bills, etc. The bill amount gets directly debited from your account and credited to the utility company. The overall process requires a maximum of up to 4 days, depending upon the tie-ups between the bank and the utility company. To avail of this facility, you require prior registration with your bank.

Refill your mobile:

You can recharge your mobile phone with a prepaid card through ATMs. All you have to do is select the ‘prepaid refill’ option and enter your 10 digit mobile number. Then confirm it and type in the refill amount. After sometime, you will receive an SMS confirming the refill for the amount you have entered. You can also top up your mobile phone with any amount.

Bank statements:

To get your accounts statement, you can visit the ATM and select the balance inquiry option from the screen. This will return a mini statement of your bank account transactions. Some banks provide you with the last 9 to 10 cash transactions which have taken place in your account.

Mutual Funds investment:

Now it has become much easier to make investments in mutual funds as some banks allow you to buy or sell through ATMs, units of schemes of mutual funds they have tie-up with.

Checks and Cash deposits:

You can deposit cash into your account and the ATM machine will immediately print a receipt for the same. Checks need to be put in a drop box which is available at the ATMs.

Transfer of funds:

You can transfer funds from one account to another, if they are both linked to your ATM Card and Customer ID.
Change your PIN:

If you need to change your existing PIN, you can do so via the ATM.

Donate to temples or charitable trust if your bank has tie-ups with certain temples or charitable trusts you can donate funds to their designated accounts. The amount of time that such transfers take differs from bank to bank. After the funds are transferred to the temple or trust’s account, you will get a receipt for the same.

Insurance premium:

You can pay your insurance premium through ATMs if your bank has a tie-up with your insurance company.

ATM card can be used as Debit card:

You can use your ATM card as a debit card while shopping. The bank may charge you for this facility on a monthly basis. The charges differ from bank to bank and also depend upon the purpose for which your card has been used.

Check book:

You can put in a request for a check book through ATMs by writing a request letter and either putting it in the drop box or inserting it in the deposit slot, depending on the bank’s system.

You can subscribe to a new internet connection or renew your existing connection through ATMs.

ATM charges

Most banks offer such services free of cost and there is no extra charge levied on customers for making use of ATM facilities. However, if you use the ATM facilities of another bank with which your bank has a tie-up, you will be charged for the transactions undertaken through the other bank’s ATM.

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