If you are looking for the answer to the question about advantages and disadvantages of ATM then you landed on the right website. Here we will discuss in detail the ATM, its benefits, uses, drawbacks and some limitations of ATM. Before going toward Pros and Cons of ATMs we must have a little knowledge or little intro about the machine.
What is an ATM? Automated Teller Machine
ATM stands for Automated Teller Machine or in other words we can say it is the “cash machine” or “CashPoint”. I hope you understand well about the automated teller machine. It is the place where we go with our credit card or debit card that is provided by our bank where we have an account. We insert our card into the machine and type the password by buttons and withdraw money/cash from this machine. Well friends that is the little introduction of the automated teller machine. Now we’ll read some advantages and disadvantages of ATM, Automated teller machine
What are the Advantages of ATM? Automated Teller Machine
There are many “advantages and disadvantages of automated teller machine”, let’s read all the the benefits first;
Always Provide Services
The first pros in the list of advantages of an ATM is that it is always available to use. We can use it 24/7 whenever we need the cash.
Reduce the workload
Second good point about the automated teller machine reduces the workload from workers and makes auto transactions.
Best thing about ATMs is the fastest way of transaction between account holders and machines. No need to wait outside the bank or inside the bank.
Very Useful Machine to Traveler
You are the traveler and out of cash just bring out your debit or credit card and swipe it. Money is in your hand within a few seconds, it’s all just because of advantages of credit cards.
New Currency Notes
Use an ATM and withdraw the fresh and new currency notes. I think new notes are the best gift for little kids.
Privacy in Transaction
This is the privacy of your account and privacy from other peoples. Using an ATM only you know the actual amount of your bank statement. Because there is nobody inside with you in the cabin.
ATM is Convenience
In this age of modern technology, internet banking ATMs are available in all the convenience places such as, Air Ports, Railway Stations, Bus Stops and many more places like that.
ATM is Time Saving Pros
One of the best benefits I found in this list of advantages of automated teller machines is time saving. It saves your time and other people’s time.
Low Transaction Cost Pros
The last advantage of ATMs I am going to share with you is the low transaction cost. If you are using the same machine of the bank where you have your bank account then it will never deduct any extra amount.
What are the Disadvantages of ATMs? Automated Teller Machine
Dear friends! We have all the advantages of ATMs in the above list. I hope you read all and now we’ll read all the Limitation or Disadvantages of ATMs in points.
Not available in Rural Areas
The first drawback I found about automated teller machines is that they are not available in rural areas and not available in the villages.
Charges Fee Cons
If you are using the machine of the other banks or in another country so it will deduct a little bit of a high fee for withdrawing money.
Capture ATM Card
This point is done with me in my real life, when I withdraw money and the machine captured my debit card and also deducted my money and never received money. It is the long story of what happened to me after that.
Cash Withdrawal Limitation
I have now three cards and all the cards have different limitations of withdrawing the money.
Frauds and Hacking Cons
Another cons of automated teller machines in the list of disadvantages of ATM. is the frauds and hacking. You must keep your card number and pin code secret and never tell anybody. There are a lot of cases on the internet hackers and frauds using your card data.
Offline / System Down
Disadvantages of ATM are not end there another point is limitations of system buy or system down and sometimes show the machine is not for use now.
Forgot the PIN
Forgot your PIN of your card, you can’t use an ATM. Must reset your PIN and then you are able to use it.
Run out of Cash Cons
In the government vacations the bank staff is not on duty. Using too much ATM by the people runs it out of cash.
Risk of Robbery
Using the automated teller machine at night time you must be carefully. Because there is no police and other security staff at that time to protect you. Thieves can rob you and take your money.
Conclusion of ATM
Well friends that was the end of our topic “Advantages and disadvantages of ATM”. This is the invention of technology and there are both sides of everything. So like that there are also Pros and Cons of Technology. Now i want to hear from you in the comment box below that. How is your experience about using an ATM? Do you find it good for you or bad for you?