Many Functions of ATM Some of Which You May Never Have Used.
A computerized electronic machine that performs basic banking functions (as handling check deposits or issuing cash withdrawals) —called also automated teller machine, automatic teller, automatic teller machine. Merriam Webster dictionary
An unattended electronic machine in a public place, connected to a data system and related equipment and activated by a bank customer to obtain cash withdrawals and other banking services. The free dictionary
The Automatic Teller Machine nicknamed ATM is an electronic device that allows anyone with a debit or a credit card to access banking transaction without the aid of a bank official. It performs basic functions such as cash withdrawals, cash deposit, bank statement and so on. It is used all over the world even in remote islands..
The ATM is mostly owned by the banks and it is installed in the bank premises and public places. Individuals, small businesses or corporate organizations may also own ATM by buying or leasing one. ATMs has helped banks to decongest their banking halls and also reduce payroll cost by taking some of the customers service functions off tellers.
The banks however bears some charges for “connectivity” and “Not on us transaction”. Connectivity charges refers to money paid to switching companies for the connections between bank through a complex interbank network while “Not on us transaction” refers to money paid to other banks for every of a bank’s ATM card used on the other banks ATM.
ATM usage in Nigeria has proved to be convenient for both bank customers and the bank because of its 24 hours service and reduction of workload on bank staff.
Here are the functions of ATM, some of which you may never have used before.
1. Cash withdrawal
The is the most commonly used ATM function. The machine comes to your rescue when you have the need for cash. Whether your bank is open for business or not you can walk to any ATM and get money from your bank account directly. All you do is to slot you card into the machine and input your pre registered Personal Identification Number popularly called PIN and follow the prompt you can access your account and withdraw cash.
2. Fund transfers
You can undertake fund transfer to a an account linked directly to the card account (your ATM card can have up to 2 bank accounts linked to it) or to an account in same bank and also to account in other banks. The limit of amount to be transferred however varies from one bank to another. Most banks set the limit to a maximum of N500,000 per day for fund security bit you can approach your bank for limit increase if you have need for it.
3. Account balance enquiry and mini statement
Another interesting function of the ATM is enquiry, you can request for you account balance and up to five transaction statement and also print same on the ATM. So you may not need to go into the banking hall to request for same.
4. Cash and Cheque deposit
This important capacity of the ATM is already being activated by some banks on their machines and are been deployed in strategic places. Machines that perform this kind of function have special features that allow such functions. Such ATMs are marked for such functions so you can identify them when you see them.
5. Opening bank account
This special featured are also not available on all bank ATMs. The banks that allow it only make it available for already existing customers who want to open additional account/s. Such customers already have their details in the bank system and are only requesting for additional account for specific purpose.
6. Payment of bills
Most ATM machines are activated for paying bills. Utility bills, cable television subscriptions, insurance premium, prepaid and postpaid airtime purchases for self and other phone lines and lots more are some of the bills that can be settled directly from your bank account using the ATM.
7. Cardless transactions
This special feature allows you to access your account and perform cash transactions including cash withdrawals without the use of your ATM card. A special mobile banking USSD code generated via your mobile phone can allow you perform this function. The code is imputed into the ATM and you are allowed cash withdrawal and other transaction from your bank account. You may need to contact your bank for more details.
8. Biometric recognition
Special ATM machine that recognizes your biometrics are already being in deployed by banks. Such biometric ATMs allows you transact on your account without the use of a debit or credit card after your biometric has been captured by your bank. The biometric capturing is however not the same as the banks BVN registration.
9. Cheques book request
Another interesting features of the ATM is the ability of the machine to allow you request for a new Cheque book. The Cheque book will be picked at your preferred bank branch after a period specified by your bank. This special feature is however not activated by all banks.
10. Donate to charity, purchase of ticket and more
The ATM machine has the capacity to allow you donate to charity, purchase movie tickets, concert ticket and lots more. This can however be done on special collaboration with the banks by charity organizations, film marketers and concert promoters.
Bank can and have been adding several features to their ATMs. It is left for you to explore and avail yourself of these features.
Read also: Benefits of Online banking