ZIMSEC O Level Commerce Notes: Money and Banking: ATM:Automated Teller Machines
- 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- Maximum amount that can be withdrawn.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.
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