Why atm is useful

Also, there is a limit to the amount of cash one can withdraw from an ATM which can be an inconvenience if you require more funds. So the other disadvantage of Automated Teller Machines is that they may breakdown. Setting up ATM machines can be affordable for financial institutions, but it is not the same for the users. Banks and machine owners obtain a lot of revenue from ATM machines in the form of fees that users are charged for using them.

The transaction costs are a huge disadvantage of ATM Machines. Lack of personal service is a disadvantage of ATM Machines. There are no bank assistants to help you or to ask questions to. The other disadvantage of Automated Teller Machines is that they may become obsolete. ATM machines may slowly become obsolete due to the use of debit, credit cards, mobile money and internet banking. Transactions are becoming more digital and the use of physical cash is slowly declining.

Also, the major reason people use ATM machines is to withdraw cash, these days, this can be done from any point of sale. Thus, the use of ATM machines may decline in the near future. Due to the pressing issue of ATM security all over the world some of the ways in which security can be improved are described below;.

Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Leave a Comment Cancel Reply Your email address will not be published. Saving money can be challenging for disabled individuals, but these special types of saving accounts can help you gain some financial security. Walk away with stacks of cash just for opening a checking or savings account. Bank failures happen from time to time. It may not be time to ditch your physical wallet just yet, but digital wallets offer several benefits.

Even the smallest of these big banks has enormously deep pockets. What is an ATM? Deeper definition ATMs were first used in London in , and after 50 years, these machines can be found nationwide. More From Bankrate Are banks open today? Federal bank holidays in Find out when banks have the option to close. How much are wire transfer fees? Saving money for people with disabilities Saving money can be challenging for disabled individuals, but these special types of saving accounts can help you gain some financial security.

Best bank account bonuses for November Walk away with stacks of cash just for opening a checking or savings account. List of failed banks: Bank failures happen from time to time. There are some transactions that need no debit or credit card. The evolution of the banking sector has made financial lives easier for customers. The first-ever automated teller machine was set up at London, United Kingdom, in the year In just over 50 years, the ATMs are now seen in use in every country.

The existence of ATMs has alleviated the need to visit a bank branch to make simple banking transactions, such as cash deposit and cash withdrawal. Gone are the days when people needed to visit bank branches to complete these basic transactions within the bank operation hours.

Another significant use of ATMs is that they are found almost everywhere. Also, ATMs allow inter-bank customers to transact. As mentioned earlier, ATMs are existing to simplify the financial lives of banking customers. They save customer's time by allowing them to make banking transactions on the go. If your net banking service is not working for some reason, you have to transfer funds to someone far away, and you don't have enough time to visit a bank branch for the same, then all you need to do is visit the nearest ATM, insert your debit or credit card, and follow the instructions as displayed by the machine to transfer funds.