TYPES OF BANK ATM MACHINE AND THEIR FEATURE YOU SHOULD KNOW: Very Important

CLEAR DEFINITION OF ATM  MACHINE 

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 debitcard can access most ATMs. The first ATM machine appeared in London in 1967, and in less than 50 years, ATMs machine 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.

TYPES OF ATMS

There are two primary types of ATM machines

(1) Basic units: This 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.

2. Complex units: This also have it own ad ancement depending on the user.  To access the advanced features of the complex units, a user must be an account holder at the bank that operates the machine.

Below are other types of ATM machine and their  features you should know.

• White Label ATM

White Label ATM machines are those ATMs which set up, owned and operated by non-bank entities, which have been incorporated under Companies Act 1956, and after obtaining RBI’s approval.

• Brown Label ATMs machine

These ATMs are owned and maintained by service provider whereas bank whose brand is used on ATM machine takes care of cash management and network connectivity.

• Online ATM machines

Online ATMs: These ATMs are connected to the bank’s database at all times and provide real time transactions online. The withdrawal limits and account balances are constantly monitored by the bank. Online ATMs are always watching out for you!

• Offline ATM Machine

Offline ATMs: These ATMs are not connected to bank’s database- hence they have a predefined withdrawal limit fixed and you can withdraw that amount irrespective of the balance in your account.
So if you did not have balance in your account, and you went to a ‘offline ATM’ and withdrew money more than the balance – you’ll still get the cash at that time, and later on will run afoul with your bank balance! Where banks may charge some penalty for exceeding your balance!

• Stand Alone ATM Machine

Stand Alone ATMs are not connected with any ATM network- hence their transactions are restricted to the ATM’s branch and link branches only.
The opposite of Stand alone ATMs are Networked ATMs, which are connected on the ATM Network.

• Onsite ATM machine

Onsite ATMs: are the ATMs you find next to your Bank’s branch. They go side-by-side! Or in proper terms, they are the ATMs installed within a branch’s premises.

• Off-site ATM machine

Off-site ATMs are the ones which are installed anywhere, but within the branch premises. That is these are not installed next to branch. So where are they installed?
Shopping Malls, shopping markets, airports, hospitals, business areas etc.!

    Analysts anticipate ATMs will become       even more popular and forecast an  increase in the number of ATM  withdrawals. ATMs of the future are likely to be full-service terminals instead of or in addition to traditional bank tellers.

WHO ARE THE ATM  MACHINE OWNERS

  In many cases, banks and credit unions own ATMs. However, individuals and businesses may also buy or lease ATMs, on their own or through an ATM franchise. When individuals or small businesses such as restaurants or gas stations own ATMs, the profit model is based on charging fees to the machine's users. Banks also own ATMs with this intent, but in addition, the convenience of an ATM is a service banks use to attract clients. ATMs also take some of the customer service burden off bank tellers, saving banks money in payroll costs.

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