AUTOMATED TELLER MACHINE

AUTOMATED TELLER MACHINE




ABSTRACT

In simple words, an ATM can be described as a m/c which dispenses money on reading information from a card which is inserted into the machine. ATMs can now be seen at many places. This seminar focuses on the working of an ATM. That is what happens since the card is inserted & till the money is received is explained in detail. Other features like parts of an ATM , security of an ATM are also covered.



1. INTRODUCTION

1.1 Need for noteless transaction :

Usually the transactions that take place are either direct cash payments or through checks or demand drafts. Many-a-times it so happens that we run out of cash & to avoid this we carry extra cash with us all the time. It is risky to carry cash with us all the time. The weight of the cash also becomes a problem. An alternative to this is ATM cards, credit cards.


1.2 Difference between ATM card & check card :

As an alternative to writing checks & using a credit card many companies have started issuing what is called as the ‘check card’. The basic difference between a check card & an ATM card is that a ATM card can be used only at a ATM or some stores whereas the check card can be used at any retailer that accepts credit cards like book stores, grocery stores, ticket counters, hotels, etc. Check cards are also known as debit cards because of how they work : instead of getting credit for your purchase and receiving a monthly bill, like you do with a credit card, a check/debit card deducts money from your checking or savings account. It's easy to tell the difference between a plain ATM card and a check card : A check card has your name, "credit" account number, the credit company's logo, the bank's logo and "Check Card" printed across the front of it; an ATM card has only your name, account number and bank's logo on the front of it.