An automated teller machine (ATM) is an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access most ATMs. The first ATM appeared in London in 1967, and in less than 50 years, ATMs spread around the globe, securing a presence in every major country and even tiny little island nations such as Kiribati and the Federated States of Micronesia.
There are two primary types of ATMs. Basic units allow customers to withdraw cash and receive reports of their account balances only. The more complex machines accept deposits, facilitate line of credit payments and report account information. To access the advanced features of the complex units, a user must be an account holder at the bank that operates the machine.
ATM stands for Automated Teller Machine. This machine cashes you money from your bank account. You use your bank card and insert it into the ATM, enter your pin code and get the cash. Such machines make servicing easier and cheaper. No need to pay the cashier for every transactions and customers can acutally do the self service. This betters the quality of service, as it decreases the lines in the banks.