# Automated Teller Machine (ATM)
An automated teller machine, or ATM, is a computerized device that performs banking transactions without the need for human intervention. ATMs are commonly located at banks, convenience stores and other public places where customers can access their bank accounts to withdraw cash, deposit funds and check balances. They offer greater convenience than traditional tellers as they allow customers to complete transactions on their own 24 hours a day.
## History of Automated Teller Machines
The first commercial automated teller machine was developed by John Shepherd-Barron in 1967 in London. However, it wasn’t until 1972 that Barclays Bank opened its first branch using an ATM system developed by De La Rue Systems Ltd., which became known as “Bankautomat” machines around Europe. By 1973 there were over 600 such machines installed worldwide with more being added every year thereafter resulting in more people having convenient access to financial services regardless of geographical location or time constraints allowing them the ability to take control of their finances remotely through these digital channels rather than relying solely on physical locations like branches or call centers during regular business hours
## Types Of ATMs
There are several different types of ATMs available today ranging from basic models offering only cash withdrawals/deposits up to advanced multi-function devices capable of performing many additional functions such as bill payments, money transfers between accounts etc.. The most common type however remains the basic model allowing users simply withdrawal/deposit cash and query account balance information:
– Cash Dispenser – Allows users to withdraw paper currency from linked checking/savings accounts much like what you would find at any typical brick & mortar bank branch
– Deposit Acceptor– Enables user deposits via cheque scanning technology utilizing Optical Character Recognition (OCR). Users insert checks into the slot provided after entering PIN code prompting OCR scanner interpret details printed on cheques quickly verifying items eligibility for processing before credits applied accordingly
– Card Reader – Used with magnetic stripe cards containing encoded data about cardholder requiring verification prior successful completion transaction
## Benefits Of Using An Atm
Using an ATM offers numerous advantages when compared against visiting traditional banks including: • Convenience – Accessible 24hrs 7 days enabling customer self service anytime anywhere • Savings – No monthly fee charged when transacting electronically versus higher costs associated with manual labor required staffs attention making way cost effective means managing personal finance needs
• Security – Offering increased security due encryption methods employed encrypting data transmitted back forth reducing risk potential fraudulent activities often encountered dealing directly person whose identification must verified manually not case electronic form payment