An ATM. Image credit Securityaffairs.co

An ATM. Image credit Securityaffairs.co

ZIMSEC O Level Commerce Notes: Money and Banking: ATM:Automated Teller Machines

ATMs

  • Are fitted on the outside walls of banks are shopping malls.
  • They are used to withdraw cash.
  • They operate 24 hours a day.
  • It is a self-service facility.
  • The customer follows on screen instructions.
  • Upon request and verification the ATM machine displays the following information:
  • Maximum amount that can be withdrawn.
  • The account balance.
  • A mini-statement
  • It saves on labour and space.
  • It is a fast way of disseminating information to the customer.
  • They reduce paper work.
  • Customers use a PIN for security.
  • This PIN can be changed by the customer on the ATM.
  • Money can be transferred from one account to another.
  • They reduce the need to carry cash around.
  • Using an ATM the customer is able to:
  • Make payments for items like airtime and electricity.
  • Request for a cheque book.
  • Make deposits.
  • Use a Zimswitch card.
  • They are a source of revenue for the government which levies a tax.

To access more topics go to the Commerce Notes page.

 


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