Full form of ATM

What is the full form of ATM?

The full form of ATM is Automated Teller Machine.

An Automated Teller Machine is an electronic telecommunication device which enables people to perform financial transactions. 

It was set up for any time use without any direct assistance with bank.

ATM is used for various purposes like cash withdrawal, balance enquiry, transfer money, apply cheque book, and many other services.

Types of ATM

1. Talking ATM

A Talking ATM is a device which was Installed for the people who cannot read a screen. The instructions or sound is delivered privately through a standard headphone jack.

It prevented the need for assistance while using the ATM. This can be easily operated by just pressing the talk button.

2. Postal interactive kiosk

A postal interactive Kiosk only dispenses items related to postage.

3. Scrip Cash Dispenser

A scrip cash dispenser is similar to that of ATM, but it cannot dispense physical cash. It prints a receipt and then the customer takes it to sales clerk, who then exchanges it for cash.

4. Teller Assist Unit

A Teller Assist Unit is designed to be operated only by trained personnel and not the general public.

5. Web ATM

A Web ATM has all similar features like ATM, except withdrawing cash.

History of ATM

The world's first ATM was installed at Barclays Bank of London on 27 June, 1967.

The whole credit for the invention of ATM machine goes to the British inventor John Shepherd Barron. John saw vending machines dispersing chocolate bars and thought a similar machine can be used for dispersing cash.

In February 1962, the basic idea of a card combining the key and user's identity was invented by Adrian Ashfield.

In 1966, A Japanese device called as the "Computer Loan Machine" was set up which supplied cash as a three month loan at 5% p.a.

Reginald Alfred Varney, an English actor was the first person to use an ATM.

ATM Locations

ATMs can be placed at any locations, but, are mostly set up in the areas where it is accessible to the people like banks, shopping malls, airports, railway station, metro station, gas station, restaurants, etc.

ATM Fraud

Any device/object with high value is likely to get targeted by fraudsters.

In the year 1993, a fake ATM was installed at a shopping mall in Manchester Connecticut. Modifying a Fujitsu model 7020 ATM, a gang known as Buckland Boys stole all the information from the cards inserted.

In 1996, a computer security consultant, Andrew Stone from Hampshire, UK was convicted of stealing all the information like card number, expiry date and pin number by pointing high definition cameras and recording. He stole almost 1 million euros.

Interesting facts about ATM

• John Shepherd-Barron thought to keep a 6 digit pin number, but it was difficult for his wife to remember 6 digits. So, he decided to keep 4 digit pin number.
• The world's first floating ATM is in Kerela.
• HSBC Bank installed first ATM in India in 1987.
• World's highest ATM is located at the KHUNJERAB PASS in Pakistan at an elevation of 4,693 m or 15,397 ft.
• It was estimated by ATMIA that the no. of ATMs which are currently in use are 3 million units.