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what is ATM?

ATM means Automatic Transfer Machine and it have been around since the late 1960’s. ATM card is a payment card . The respective customers use the it  for carrying their financial purposes.In today’s advanced era, it has become a need, as it is the fastest source to carry out any relevant financial transaction. It can be used for several purposes, hence helps to keep records and consume time. As of the advantages, the card also has its own disadvantages; 

Hence there are methods which can stop the card from any misuse. Financial institution provides ATM a payment card to their customers. ATM card enables the customer to use an automated teller machine  for transactions. Like : deposits, cash withdrawals, obtaining account information, and other types of banking transactions, often through interbank networks. Some ATM cards are also used for paying loans and getting cash advances, however cards cannot be used for making purchases.If the card at the point of purchase is used as a debit card, a PIN is usually requested. There are several different types of ATM card.

  • DEBITE CARD     

     Debit cards are arguably better than credit cards as they prevent you from overspending and keep you within your limits. They are better than cash as well as for the simple reason that you don’t have to carry wads of notes in your pocket. Debit cards can be used to make payments online and they are arguably more secure than credit cards.

            We don’t get to see the same level of fraud with debit cards as seen with credit cards.An ATM debit card can function similar to that of a normal ATM card, with an additional functionality of debiting or removing the cash from any account. ATM debit cards can be used for purchasing purposes in online mode also. They look similar to that of ATM credit cards, but does not work like them.

               These cards are used for removing money purposes.  In this case, even though it was swiped as a credit card, it is still price will be deducted automatically from the customer’s checking account. In India, there are generally 6 types of debit cards that are offered by the various banks. 

  • CREDIT CARD

           Credit cards allow a consumer to purchase goods and services by borrowing against an approved line of credit.  It is a loan.  Purchases made during the month are billed to the consumer and the consumer pays the bill at a later date.  Should the consumer be unable to pay the entire balance due, then the credit card issuer charges the consumer interest. Unlike ATM/Debit card, all charges as well as any cash advances are not automatically deducted from a consumer’s checking account, unless specific arrangements are made through the consumer’s bank.

              This type of card has all features of both, the ATM debit card and that of the credit card. It’s one among the new types of debit cards available in some banks. Along with the checking account, the card is also attached to the line of credit. Here, if the person overdraft their accounts, then they will not obtain any of the fees back; instead the money from their account would be taken off with interest when the funds would be available.Some banks also offer ATM debit cards, which are used in the form of Picture ID.

                This is done for the security purposes, a small picture can be added on the card after a relevant payment. Besides these added features, there are also options to change the appearance of the card. Hence, even the ATM cards can be designed according to the customer’s wish or desire.Besides these there are also, combo cards available in the financial institutes, which functions as per their policies and rules. ATM card have gained importance in recent year, due to its conformability and speed. The technology has made easy to access the money from any ATM centre, enabling an easy accesses.considered a debit card transaction.   While it may take a few days, the purchase 

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