ATM:Automated Teller Machines

ATMs

• Are fitted on the outside walls of banks are shopping malls.
• They are used to withdraw cash.
• They operate 24 hours a day.
• It is a self-service facility.
• The customer follows on screen instructions.
• Upon request and verification the ATM machine displays the following information:
• Maximum amount that can be withdrawn.
• The account balance.
• A mini-statement
• It saves on labour and space.
• It is a fast way of disseminating information to the customer.
• They reduce paper work.
• Customers use a PIN for security.
• This PIN can be changed by the customer on the ATM.
• Money can be transferred from one account to another.
• They reduce the need to carry cash around.
• Using an ATM the customer is able to:
• Make payments for items like airtime and electricity.
• Request for a cheque book.
• Make deposits.
• Use a Zimswitch card.
• They are a source of revenue for the government which levies a tax.

To access more topics go to the Commerce Notes page.