An ATM is a computer, a machine, that allows you to carry out financial operations, among which are the entry or withdrawal of cash, without the need for the presence of a bank employee.
The ATM, although it allows more and more operations to be carried out, is a machine through which you can enter and withdraw cash at any time of the day. To withdraw the money, as it is a computer, it is not necessary for a person from the bank to be physically present. With a physical identification, such as a credit card, or a digital identification, such as the access codes and user number, the ATM allows access to the account and carry out all the operations that are desired.
Although their main function has been to withdraw and deposit cash without the need for the presence of a bank employee, tellers have been adopting more and more functions. Today, ATMs allow you to carry out any type of financial operation with your account. From withdrawing cash to making transfers or paying receipts.
With the advance of digitization, many banks are beginning to replace the profile of the teller in charge of the entity's staff with ATMs. This is why more and more functions are being developed that can be performed through the ATM.
Functions of an ATM
Depending on the ATM and the bank, an ATM allows you to carry out a series of operations or others. However, taking into account the advance of digitization and the continuous introduction of new functions in ATMs, these can perform a myriad of functions.
Among the most frequent functions that can be performed through an ATM, it is worth highlighting:
- Deposit of cash in bank accounts.
- Cash withdrawals from bank accounts.
- Money transfers between bank accounts.
- Update of passbook and bank accounts.
- Obtaining and changing the passwords of the bank account.
- Management of control over bank accounts.
- Phone card refills.
- Payment of utility bills.
- Payment of bills for private services.
- Contract financial products.
Although the list includes this series of functions, they are continually being expanded. As we said, the advancement of digitization is continually expanding the functions of ATMs, enabling more and more new functions that they can perform.
Types of ATMs
Although there is increasing homogeneity in the ATMs that banks enable, there are two types of ATMs that we can find in the different bank branches.
These two types of ATM are:
- Cash ATMs: Those that are usually found outside the branches, and allow only the withdrawal of cash, as well as a limited series of functions.
- Full ATMs: Those that are located inside the branches. These allow you to do almost all the available functions that we mentioned above, as well as the entry of money through checks or envelopes.
Criticism of the ATM
Over the years, technological advancement and the boom in digitization have led to greater use of ATMs. For this reason, more and more banks are enabling ATMs to assume functions that previously had to be carried out by individuals who worked in the bank.
The appearance and authorization of the ATM has led to the dismissal of many bank employees, who have been replaced by an ATM. The cost savings that this entails for banks has led to the substitution of people for ATMs becoming an increasingly frequent occurrence. Arousing, in this way, criticism from society.