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Types of ATM: What’s Available and Which Should You Choose?

Modern-day banking is incomplete without accessing the ATM machine. ATM or automated teller machine is a self-service banking kiosk that lets you access your bank account. Users can use various types of ATM to conduct multiple transactions such as cash withdrawals, cash or check deposits, fund transfers, and even checking their account balance. 

In general, one machine does all this to make your finances easier and convenient. As a user, it is upon us to choose the right types of ATM machines. In today’s comprehensive guide, we are going to cover numerous ATM types and what would be the best alternative for your region. So, stay tuned till the end to discover some amazing information. 

Primary Functions Of Automated Teller Machine

Before diving straight into the types of ATMs, let’s discover what the machine does. 

1. Cash withdrawals

Firstly, an ATM cash dispenser allows you to withdraw money from your bank account by using your ATM or debit card. The user has to insert their card and enter the PIN along with the amount they want to withdraw, that’s it! While some banks let you use ATMs of other banks too, a few of them have restrictions. Ensure to confirm it once from your bank provider. 

2. Cash/cheque deposits

As mentioned earlier, an ATM machine also allows you to deposit cash or cheque to initiate further transactions. These machines have separate deposit functions and a dedicated place to collect cash. Users can enter their account number and submit the bills in an organized manner. Don’t forget to check your balance later. 

3. Balance inquiries

Almost all types of ATM let you check your account balance and if you have registered your mobile number, you might receive a text as soon as a transaction is carried out. The process is the same as that of cash withdrawal and you get to keep a tab on your finances. 

4. Fund transfers

This might come as a surprise to many but a few types of ATM machines also let you transfer funds between your accounts. No matter where you stay, an ATM machine can help you to send money to whoever wants it urgently. Hence, there’s no need to wait in long queues for your turn to come. 

Different Types of ATM: Streamlining Your Choices

Although there are many different types of ATMs, today we will be talking about the primary ones and their specific features. 

1. Bank ATMs

Bank ATMs are the most commonly found ATMs that offer core functionalities like cash dispensing, knowing the balance, and pricing mini-statements. Also regarded as a portable ATM machine, these types of ATM are usually located in easily accessible areas. 

You will find a bank ATM right outside the bank branch, supermarkets, and convenience stores. Users can easily withdraw cash from their bank accounts, gather real-time information about their bank balance, and get a paper record of their recent transactions. 

2. Cash Deposit ATMs

Cash deposit ATMs are basically a step higher than the regular ones, as they come with additional capabilities. Users can easily deposit cash into any bank account without having to visit a physical bank teller. With types of ATM machine, one can easily deposit cash bills. 

In some cases, the ATM accepts only sealed envelopes that contain cash checks, or both for security. Once the user deposits funds into his account, it might take some time to reflect the balance. 

3. Label-Based ATMs

A few types of ATMs are classified as labels based on their functions and owners such as white-label, brown-label, and green-label ATMs. While white-label ATMs are owned and administered by non-bank entities, brown-label types of ATM are outsourced by banks and provided to third-party service vendors. 

There are other types too. For instance, the green-label ATM is dedicated to any transaction made for agricultural purposes like crop insurance, subsidies, or loans. These ATMs are typically established in rural areas for commoners and farmers to fulfill their money requirements. 

4. Location-Based ATM Categorization

When it comes to discussing different types of ATMs, location is also a significant consideration. On-site ATMs refer to the ones located within the vicinity of a bank brand and which offer convenience to customers. While visiting the branch, they can also make use of the ATM. 

The next type is an off-site ATM which might be located in different locations, even in inaccessible areas in a state or city. 

Types Of ATM Machines: Deciding The Right One For You

In a world full of choices, it is not easy to decide which type of ATM is the right one for you. While some might prefer a wireless ATM, others might want to switch to the conventional one. Here are a few factors to consider while settling on a particular one. 

1. Fees

Some ATMs charge fees for withdrawals, especially if you’re using a machine outside your bank’s network. Hence, opt for types of ATM that offer fee-free transactions for your bank or credit union members.

2. Accessibility

Choose an ATM that is conveniently located near your home, work, or frequently visited areas. Safety is a crucial consideration if you’re withdrawing cash at night.

3. Services Offered

If you need to deposit cash or checks, ensure the types of ATM machines provide those services. Some machines are limited to cash withdrawals only, hence you might have to do a proper screening.

4. Availability

Look for ATMs that are known to have a reliable cash supply, especially during busy times or events. An ATM that can meet your cash requirements quickly is the best option available. 

5. Brand Affiliation

If you have an account with a specific bank, using their ATMs usually results in lower fees and better service.

6. Security Features

Choose ATMs that are well-lit, located in secure areas, and have visible security features to protect against fraud.

7. Technology

Some ATMs have advanced features like touch screens, multilingual support, or mobile connectivity. Choose one that feels comfortable for you to use.

8. Mobile Access

If you use your bank’s mobile app, check if it includes an ATM locator to find the nearest machines. In a digitally connected world, staunch mobile access is quite significant. 

Conclusion

Making banking more accessible and convenient to users, various types of ATM are available today. From providing quick access to cash to ensuring safe transactions, automated teller machines are lifelines for cash users. You might miss out the banking hours but never miss out on cash, thanks to these machines. 

With the listed types of ATM machines, you can make an informed decision and choose a suitable ATM type for fulfilling your financial needs. Make transactions easier and more convenient with the right ATM machine type. I hope this article is comprehensive and helps you gain the necessary insights. Thanks for reading!