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The ATMs or ATM by stands for “Automatic Teller Machine” were initially conceived as machines to dispense cash.
These prodigious machines have fifty years facilitating the transactions, saving us time and why not money! Before the proliferation of ATMs, people had to go to the bank office, during the opening hours and make long queues to be attended at the box office, just for a small withdrawal or update of the balance.
The advantages of the use of ATMs are now unquestionable. They are a fast and convenient way to get cash 24/7, check balance, make deposits, transfers and even pay for services and buy tickets. Although we only realize its great importance when we do not have one nearby.
The digital era and electronic banking, with the so-called “plastic money” threatened to put aside cash and thus ATMs. However, today they are still valid and incorporate new technologies such as biometric readers, touch screens, cameras and NFC technology or Near Field Communication that allows you to synchronize with your Smartphone in a fraction of seconds.
ATMs today are practically online computers with the capacity to dispense and deposit cash, although the basic operation of ATMs remains the same.
Remember the steps you must take to get money from an ATM and other transactions that you can carry out through these noble multifunction devices.
Take money out of an ATM
You must be clear that to withdraw cash from an ATM you must have a bank account for savings or checks.
Try preferably to have a checking account associated with a debit card as the Federal Law, specifically the “Regulation D “of the Federal Reserve Board, limits the number of transactions you can carry out from accounts savings.
The above because the savings account, even though it is a cash instrument at sight, is more considered a product for safekeeping of cash than for transactional purposes, the latter being the purpose of current accounts.
With the above clear, you know that in order to withdraw money from an ATM other than a bank account, you need a debit card or a credit card. In the latter case it is known as “cash advance”.
In some Autonomous Communities of Spain, London and Latin American countries it has become common to use ATMs that do not require associated debit or credit cards to dispense cash, because they use a “biometric recognition system”, such as scanning Fingerprint or operate with “NFC technology ” that instantly reads data from your smartphone.
If you have already lived the experience, you can tell us something about it, but they are not the common denominator in all countries, nor in the United States.
Now if you already have a debit card associated with your checking or savings account you can go to an ATM and update or verify your Personal Identification Number or PIN (acronym in English of Personal Identification Number ).
Update or create your own PIN, remember that it is a series of four or in its absence six numeric digits, it and keep it in a safe place. It should not be in your purse or wallet, much less should you write it on your debit card, as you will be making it easier for criminals or scammers to work.
If you already have your PIN configured, you will not have any inconvenience to withdraw money from an ATM.
Insert your card into the corresponding ATM slot. In all ATMs you will find instructions on how to insert the card correctly, enter your PIN and select”Withdrawal of cash “from the menu.
You will find on screen retirement options ranging from USD 20 to USD 200, amounts that may vary in some regions, depending on the type of ATM or bank. Choose the amount of cash and get ready to receive the required amount in the dispensing slot.
Collect your cash and withdraw your card from the ATM. Wait for the ATM receipt to be generated, some machines will allow you to choose whether to print the voucher or see it on the screen. Consider if printing is absolutely necessary since most of the time it is destroyed and discarded by the users as soon as they see it.
Make sure the area surrounding the ATM is secure and well lit before withdrawing cash. Many hoodlums roam ATMs to steal cash or PIN numbers.
What other operations can I do in an ATM?
For the Latin University of Mexico, an ATM or ATM is a multifunctional device provided essentially with a mechanism for the recognition and validation of banknotes that facilitates both the deposit and the withdrawal of cash, consultation of balances and other operations related to the different services that offer financial institutions.
The so-called “multifunctional ATMs “are about to reach their second decade, each time they have integrated more options to the point of being considered real banking branches, where you can not only get cash, but you can also perfect transactions such as:
- Make payments to your credit cards
- Advance money from your credit cards (instant loans)
- Make cash deposits
- Deposit checks
- Check account movements and balances
- Print account statements
- Transfer money from an account associated with the card.
- Manage and recover keys
- Buy Tickets or tickets
- Refills of pre-paid cards
- Pay bills and other services
Not all options are available at all ATMs, this will depend on the age of the equipment and whether it is an ATM of the banking institution where you own your accounts or an ATM affiliated to the same interbank network.
Since 2015 in Asia, a new generation of ATMs equipped with a 19-inch tablet screen have been implemented, through which you can even make video calls and connect with a real or virtual customer service executive. Technology that opened in southern Latin America in 2018 as reviewed by the domain zoomtecnologico.com.
We can argue that the ATM more than a goodbye, has a long life ahead!