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Automated Teller Machine (ATM)

Automated teller machines, or ATMs, are electrical banking outlets that provide customers with the accessibility to perform financial transactions without having to go into a branch of their banking institution. ATMs serve as a bridge between banks and customers, allowing consumers to conduct a variety of banking activities quickly and conveniently, without necessarily having to go into the confines of a brick-and-mortar bank.

The first ATM appeared during the mid-to-late 1960s and they have become increasingly commonplace since then, with more than two million ATMs spread out across the world. These self-service units provide a variety of services depending on the financial institution offering the ATM and the functionality of the machine. Most ATMs are simple cash dispensers and can dispense cash and receive deposits. Some ATMs, depending on the bank, can also provide a diverse range of services from check deposits to money transfers to balance transfers and paying bills. Customers can withdraw, deposit, and transfer funds electronically regardless of the time or location of their banking establishment.

Modern ATMs are technological marvels and surprisingly complex devices, capable of providing a variety of services for customers. For example, ATMs now have the capability to accept and process deposits by using envelopes and slips with deposit information, as well as cash bills. A lot of ATMs also have the ability to provide a vast array of real-time banking information, such as current balance, account history, and funds availability, to clients. ATMs also provide cashless payments, and more recently, they have the capability to conduct debit card and credit card transactions by having the customer enter their PINs on the machine's built-in keypad.

In order to keep ATM costs down, customers are encouraged to use a banking institution's own ATM machine as often as possible. Doing so will avoid additional service fees that other banks may levy on ATM transactions. ATMs are invaluable in providing convenient access to banking services and customers should take an advantage of the services provided to make the most of their banking experience.

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