Background information
The advancement of information and technology has led to a significant revolution in the banking industry through the development of automated teller machines (ATM). These machines allows customers to carry out functions such as deposit of cash, withdrawal of money and securing statement of accounts. To access an ATM service, customers must have ATM cards. The respective financial institutions issue these payment cards to their customers to increase service efficiency and effectiveness (Narteh, 2013). Conventionally, customers could make long queues as they carry financial transactions from tellers. In today’s business world, ATM cards have made it possible to access financial services 24 hours in every day. In this regard, the service has increased customer’ satisfaction and convenience. Customers who travel from one place to another no longer worry about getting short of finances since they can access services at the nearest ATM. Some ATM cards have the ability to withdraw cash at any bank irrespective of the original bank of the customer (Adepoju & Alhassan, 2010). For example, the Payoneer Card makes it possible to withdraw money from US dollars to local currencies. This paper explores is an informative piece of article which details the usage of ATM cards. It has been developed to an uninformed audience with view of enhancing awareness on the use of ATM cards.
List of materials needed
The materials needed for the development of this paper include an ATM card, an ATM, money in note form. The topic under discussion concerns the use of ATM cards. These cards perform a number of functions which include withdrawal of cash, deposit of cash and checks, balance inquiry and obtaining mini statements.
Diagrams, photographs
This section encompasses the diagram and photographs which illustrate the use of ATMs.
Photograph 1: Parts of an ATM
Source (Adepoju & Alhassan, 2010)
Photograph 2: An ATM card
Source: (Narteh, 2013)
List of steps involved in the use an ATM card
The steps involved in using an ATM card involved three parts. The first part comprises the following steps:
Part one: Starting the process
Step 1: Upholding fundamental safety procedures
It is imperative that people using ATM cards take necessary precautions regarding the use of ATM cards. Ordinarily, ATM users are victims of robbery and other related crimes. Thus, ATM users should make sure that the ATM is located in a well-lit area to guarantee their safety. It is advisable to use the ATM during the day to prevent cases of robbery. But in case someone wants to access the machine at night, it is imperative that necessary safety precautions are followed. These precautions include scanning the area to get ensure that it is free from suspicious characters.
Step 2: Insert the ATM card into the ATM
In ordinary circumstances, ATM cards exist in two versions. These versions include credit cards and debit cards. Debit cards allow the users to withdraw a maximum limit equal to the amount of money in their bank accounts. On the other hand, credit notes may not restrict users from withdrawing money beyond the amount currently in the account. However, these cards attract high interest rates. Most of the cards indicate the direction by which they should be inserted in the ATM. Thus, the user should insert the card in the card reader as per the direction that is shown by the machine (Narteh, 2013). While withdrawing cash, some machines may impose extra charges depending on the region the withdrawal has been made relative to the country of origin.
Step 3: Use cards issued by the same bank
Customers are advised to use cards issued by banks for which they are account holders. For instance, if a customer opened an account in bank X, he/she should use an ATM issued by the same bank in X ATM. The idea behind this proposition is that cross-ATM transactions are usually more expensive than the use of ATMs for respective banks. Customers do not want to incur additional costs. In some cases, the ATM and the credit card may not be compatible, making it difficult to withdraw money from an ATM. It is against this backdrop that it is advisable to use ATM cards issued by the banks in respective ATMs.
Ste 4: Select language
The advantage of ATM cards is that they give the user an option to choose a language for which he/she is proficient in. These languages vary depending on the host country. However, English is a common language used in most ATMs because of its universal nature. Upon insertion of the card, the user is asked to choose a language of choice. This selection is done by pressing a button that corresponds to each language.
Step 5: Entering the PIN
The ATM then asks the user to enter his personal identification number (PIN). The PIN is an important four-digit password that allows access to the information in the user’s account. The use of the PIN is a security measure aimed at maintaining confidentiality of the customer’s bank details (Adepoju & Alhassan, 2010). In the event that the customer loses his ATM, he/she is guaranteed that another party would not access their account information because of they do not have any information about the PIN. When entering the PIN, the customer should shield it against other customers lined up. In some cases, criminals can place cameras in the ATMs in a bid to steal information on the customer’s bank details. It is imperative that a customer can views the ATM to ensure that suspicious cameras are missing.
Part two: Completing Transactions
Step 6: Withdrawing money
As stated earlier, withdrawing money can take place at any ATM provided a customer has an ATM card. The user is usually given two options to withdraw cash which include fast cash or targeted withdrawal. Fast cash allows the customer to press an already labelled amount on the screen while targeted withdrawal allows the customers to determine the amount of money which they want to withdraw. While withdrawing money, customers should be cognizant of the limits of money they wish to withdraw since most ATM cards have withdrawal limits for any given day. The limit ranges from $300 to $1000.
Step 7: Depositing money using an ATM
Customers can deposit money when using cards issued by respective banks. While achieving this option, customers should know the type of account they want the money to be deposited into. Deposits can be made on cash and checks. Cash deposit involves feeding money into the ATM by use of an envelope. In some ATMs, customers insert a stack of bills which the machine counts. On the other hand, checks can be deposited by feeding them into the ATM machine. The machine provides instructions on how to deposit the check. It is upon the customer to read the instructions carefully and respond to them. The machine releases an envelope which the customer uses to place the check so that it can be deposited into the bank.
Step 8: Checking account balance
Checking account balance is one of the most important functions of an ATM card. Usually, customers want to know whether their employers have released money into their account or if a relative had send some money into the bank account. Instead of walking a few miles to visit the local branch, customers may use ATM cards to check their balances at their convenience (Narteh, 2013). While the card is inserted and the PIN number entered, the machine would give a number of options for the user to pick from. Pressing account balance would mean that the user intends to know their balance. The machine would then require the user to choose either a display of the account balance with a receipt or a display without a receipt. Depending on the choice, the user would be able to know his account balance.
Step 9: Transfer money
ATM cards allow users to transfer money to different accounts. The machine would give the user a chance to type the account number for which they want the money to be transferred. Once the account number has been typed, the machine would ask the user to determine the amount of money that should be transferred. Customers can also make payments such as school fees while using the ATM.
Part three: Ending the session
Step 10: Follow prompts
The screen of the machine will ask if the user still want to access other services or not. If there is no other business, the user would be instructed to pick their card after it has been ejected from the very slot in which it was inserted. Alternatively, customers can press the red X button on the ATM keyboard as a way of ending the transaction.
Step 11: Taking the card and money
Once the ATM has been ejected, pick it up and take the money in case of a withdrawal. If a receipt was requested in the transaction, be patient and wait for the receipt to come out and pick it. Exit the ATM while being of observant of onlookers.
Troubleshooting tips
The following tips would be useful in case a customer is an unable to carry out transactions.
Do not trust anyone with your PIN while carrying out transactions.
In case the card is wrongly inserted, press CANCEL to redo the process.
Ask the bank official present in the ATM or an authorized security officer to assist you in carrying out transactions.
In case the ATM seems interfered with, do not insert the card as it is likely to be “swallowed.”
In some cases, the ATM may run out of cash. During such times, the machines cannot dispense cash. Thus, customers are advised to proceed to other ATMs.
Key terms and definitions
ATM: This term refers to automated teller machine which allows customers to carry out financial transactions 24 hours a day.
Debit card: This are normal ATM cards that allow customers to withdraw money from ATM up to the limit not exceeding the amount of money in the bank account (Narteh, 2013).
Credit card: These cards allow users to obtain credit facilities from financial institutions. The use of these cards attract increased interest rates.
Withdraw: This term refers to getting money from an ATM
Deposit: This term refers to putting money into the ATM.
References
Adepoju, A. S., & Alhassan, M. E. (2010). Challenges of Automated Teller Machine (ATM)
Usage and Fraud Occurrences in Nigeria-A Case Study of Selected Banks in Minna Metropolis. Journal of Internet Banking and Commerce, 15(2), 1.
Narteh, B. (2013). Service quality in automated teller machines: an empirical investigation.
Managing Service Quality: An International Journal, 23(1), 62-89.
