Different Types of ATMs issued by Banks

What is an ATM machine?
A cash machine, also known as an automated teller machine (ATM) is an electronic telecommunications device that enables the clients of a financial institution to perform financial transactions without the need for a cashier, human clerk or bank teller. On most modern cash machines, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip that contains a unique card number and some security information such as an expiration date or CVVC (CVV). Authentication is provided by the customer entering a personal identification number (PIN).

What is meant by ATM card?
An ATM card is any payment card issued by a financial institution that enables a customer to access an automated teller machine (ATM) in order to perform transactions such as deposits, cash withdrawals, obtaining account information, etc.

What are the different types of ATM?

Different Types Of ATM 

  1. On site ATM -Within the premises of bank
  2. Off site ATM - Outside the bank premises
  3. Worksite ATM-Is located within the premises of an organisation and is generally meant only for the employees of the organisation.
  4. Cash Dispenser-Allows only cash withdrawls,balance enquiry and mini statement requests, cash dispenser(CD) 
  5. Mobile ATM- refers to an ATM that moves in various areas for the customers. Few priavte banks have introduced ATM on wheels.
  6. White Label ATM - Provided by NBFC
  7. Green Label ATM - Provided for Agricultural Transaction
  8. Orange Label ATM - Provided for Share Transactions
  9. Yellow Label ATM - Provided for E-commerce
  10. PINK label ATM - Women banking
  11. Brown label ATM - ATM are those Automated Teller Machines where hardware and the lease of the ATM machine is owned by a service provider but cash management and connectivity to banking networks is provided by a sponsor bank 

When was the first ATM invented?
On September 2, 1969, Chemical Bank installed the first cash machine in the US at its branch in Rockville Centre, New York. The first cash machines were designed to dispense a fixed amount of cash when a user inserted a specially coded card.

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