ATM

What is ATM?

ATM is a short version of the Automated Teller Machine. ATM automatic dispensing teller/ machine used by national banks. Automated Teller Machine is a 24/7 service teller that helps you automate transactions such as withdrawing, depositing, sending, or checking the amount with the cards or account numbers sent to you by the bank or intermediary institutions.

Automated Teller Machine is an automatic cash machine. It saves time, works with modems. Automated Teller Machines are smart and automated teller machines that offer the same service in banks, most closely, without the need to go to the bank branch.

ATM stands for Automated Teller Machine

Who invented the ATM?

The first Automated Teller Machine was invented in 1930 by Ottoman Armenian Luther George Simjian, who was born in Gaziantep in 1905 and completed his education at Yale University. After that, the English John Shepherd-Barron invented the full electronic cash machine (Automated Teller Machine).
However, since it did not receive much demand in the USA in those years, it was soon removed from use. However, approximately 30 years after its first use, Automated Teller Machines was reproduced in 1967 by the De La Rue company for the Barclays Bank, literally as Automated Teller Machine, and made available once again.

What are the withdrawal limits of ATMs?

Although the security of Automated Teller Machines is increased, card theft situations are frequently encountered. However, due to the security problems that came with it, various banks restricted their withdrawal limits. Within these limits, there are criteria such as EFT, deposit, and withdrawal. In particular, the cards issued by banks are used more because they are convenient for withdrawals. Although every bank's Automated Teller Machine daily withdrawal limit is generally $2,000, this limit varies from bank to bank and also from customer to customer. Banks set their customers a daily, weekly, or monthly total withdrawal limit depending on their income.
Although this withdrawal limit is $ 1500/2000 for some customers, it can be $ 5000 or more for some customers. So here are two factors that prevent our limit. One of these is Automated Teller Machines, its security system, and its level of development, while the other is the customer's income and the amount of money it has. Also, another factor that is effective in this regard is the amount of money in the Automated Teller Machine. In other words, if the customer does not have the amount of money that the customer would like to withdraw, he gives the customer the amount of money that he has. Thus, another factor affecting the money limit that the Automated Teller Machine can give is the amount of money in the Automated Teller Machine.

What are the uses of the ATM?

We use Automated Teller Machines in everyday life and even in every area related to money in our life. As an example, when we run out of cash, we immediately go to an ATM nearest us and withdraw the amount that we have in our account with our card provided by our bank or intermediary company, or withdraw less than it. In the same way, if we make an internet shopping from our card, we can immediately go to the nearest ATM and deposit money in the amount we want, through the card or account number we want. We can make EFT or Money Transfer transactions between accounts via Automated Teller Machines. In short, Automated Teller Machines are the closest and most functional banks to us.

How ATM Works?

The first automated ATM was put into service in New York in 1939. However, its prevalence has increased only in the last 20-30 years. ATMs have had many names until today. Such as cash point, money machine, bank machine, automatic teller machine.
Automated Teller Machines recognize you, know your limit, operate accordingly, in other words, it is a secure system. That's why ATM is really hard to do.

First, he recognizes the card,
Understands that it belongs to you,
Then finds your account information,
Then take the action you want.
Finally, it does all this by protecting the money it contains. It checks your information first. The black band inside is a plus and minus loaded mini magnet and has a 2-digit code on it. The first confirms the authenticity of the card, and the other compares the account number and password. When all information is approved, it receives the necessary instructions from the bank system and provides access to the safe on the machine. The trays inside the case contain thousands of banknotes, one on each tray.

One of the trays is empty for deposits. If the money you deposit is in an envelope, it falls into a box and waits for the official's count. However, this system is a thing of the past. Today, cash is deposited in most ATMs without envelopes. One of the advantages of this type of system is that ATMs are ready to give money with the deposited money while giving money. In this case, he will also fill himself with the deposited money. As each banknote passes through the sensors, it calculates the ink thickness and paper thickness and examines if there is a problem. In any case, if there are problems, the sensors catch and return the money.

At the end of all transactions, the pc hosting the program running the system saves the transactions and returns your card. In terms of security, Automated Teller Machines are resistant to 22 tons of external forces. Even if thieves reach the money inside, the protective ink inside bursts, making the coins unusable. Thus, Automated Teller Machines are widely used today for security reasons.

What are the Advantages and Disadvantages of ATM?

As the advantages of ATMs for us;

Automated Teller Machines are abundant throughout the city, so we do not have to go to the bank center for the simplest operation.
At the same time, we have easy access because there is an ATM all over the city.
In ATM, we do not have to wait in line like in bank centers.
We can take care of our work individually quickly in ATMs.

Thus, ATMs occupy an important place in our lives in many aspects such as speed, availability, and transportation.

But if we look at the disadvantages of ATMs;

We cannot communicate with an ATM at the bank center as we talked to the person in charge, and this causes some problems.
If we look at it from another direction, it will swallow our ATM card in order to forget our password and enter it incorrectly.
Sometimes, when we go to the ATM to withdraw money, we do not have the amount of money we want to withdraw, which can put us in trouble.
Another is the problem that the ATM is faulty. In other words, when we go to an ATM near us in order to make money related transactions, the ATM may be defective and we are not allowed to make transactions.