Automated Teller Machines (ATM's) are also known as automated banking machines or cash machines or cash points or even the hole in the wall!
ATM's are electronic telecommunication devices which are interfaced directly with the banks in order to enable banking customers perform financial transactions such as withdrawals, deposits and balance inquiries.
The customer performs transactions on the ATM by inserting a bank card which contains a magnetic strip and often a smart chip too that the ATM reads when inserted into the machine. A personal security pin is entered by the customer to identify the customer with their bank account.
Without ATM machines we wouldn't have 24 hour access to our money and we would have to wait for banks to open on Monday-Fridays between 9-5 and wait in ridiculously long queues.
They also have an added advantage of saving costs for the bank as they provide services to the customers that would have previously been performed by a bank clerk employed by the bank.
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