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Question
Justify the following statement.
Cash can be withdrawn from ATM at any time.
Answer in Brief
Solution
- ATM is the abbreviation of the Automated Teller Machine. It is popularly known as All-Time Money or Any Time Money. ATM is an electronic cash dispensing machine. It is a free-standing self-service terminal. There is no specific time limit for withdrawals of cash from ATM.
- ATM is one of the important facilities provided by the bank to its savings account holder. To avail of this facility, bank installs ATM terminals at the places of a public utility such as railway stations, shopping malls, airports, post offices, busy streets, etc.
- For the withdrawal of cash from ATM, every account holder is given a specific code number. By operating this system, the account holder can withdraw the cash up to a specific limit or the quantum of the amount available in the account whichever is less. ATM also provides other information like cash deposits, withdrawals, balance in the account, etc.
- Under this system, the account holder has a cent percent liquidity of banking funds. ATM avails twenty-four hours of service. Hence, the account holder can withdraw cash any time, i.e. even after banking hours, on holidays, Sundays, or in the case of emergency by operating ATM. This facility is available in different parts of the country as well as outside the country.
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