Automated Teller Machines That Have Become A Boon To Many!
The Automatic Teller Machines or the Automated Teller machine which are popularly known around the world as ATM is a welcome boon to many. Before the advent of these machines, people have to carry how much ever money they require in hand and go wherever they want to. In addition to this, whenever they need money they have to go to the bank fill a withdrawal slip, at times people have to stand in a long queue and finally get the money they require. The entire process has to be repeated whenever money is needed. The possibility of theft was also present with people carrying huge sums of money with them often.
Now, all these problems have been solved by the Automatic Teller Machines. People no longer need to go to the bank to get money or waste their time by standing in long ques. Money can be drawn from the nearest ATM machine through debit cards that are being provided by all the banks once the account is opened. So there are no longer any worries for people about carrying a lot of money wherever they go. The debit cards that are provided at banks are substitutes for cash or cheque books.
The card can be used in that particular banks ATMs or any other ATMs that accept the particular logos like Visa, Master Card, etc. displayed on the card. These cards can also be used in any of the merchant outlets that accept debit cards. Each banks debit card is ruled by a particular set of rules and regulations which is governed by the particular bank that has provided the card. They have various rules like the number times a debit card can be swiped in other banks free of charge for a month, the maximum amount of money that can be drawn in a day, allowance of foreign exchange transactions, the validity of the card, the number of times a card can be renewed, etc.
Though debit cards are easier to carry around and a good substitute to money, there are a few precautions that have to be taken when carrying the debit card. In no circumstance the pin number is revealed to anyone, the number is for personal use and cannot be known by others. If there are any tampering with the card or the pin number is to return the card to the particular bank and request for a new card. When there is even a small issue with the card, it is better to surrender it rather than continuing to use it as it difficult to know who will use the pin number that is entered in the card. It is also better too keep changing the pin number, especially the pin number that has been given for a new debit card.
It is always better to get a charge slip after every transaction as it helps in keeping in track the amount of money that has gone out of the account. It is better to ask for a pay slip when a transaction is being done whether in an ATM or for a merchandize. If there are any damages on the magnetic strip, it will be difficult to use the card as the strip contains important information about the card.
It is easy to draw money using the debit card is because is because the cards are connected to the other Automated Teller Machines that have the same logo authorization like Visa, Master Card, etc. this gives easy access to money 24 hours a day and 7 days a week. Now, debit cards can also be used online through internet connection like Xfinity for online shopping.