How Banks and ATM Machines Have Made Our Lives Easier

How ATM Machines Have Made Our Lives Easier

While the actual history behind the original ATM machine is confusing in the way that it cannot be traced back to a specific bank. There were developments within a number of countries as far back as the 1960s which included Sweden and Japan. There are no doubts that cash-dispensing machines better known as the ATM have made people’s lives a lot easier across the globe. Here are some of the common ways that the ATM has made life a lot more convenient.

Well before Internet banking was introduced, people would transfer money using an ATM machine. Even though more and more people now use the Internet to conduct their banking transactions, it doesn’t mean that cash machines are no longer in use.

One of the stand out benefits about the ATM machines is the ability to access cash in your account from any of the banks, unlike in previous years where you would have to go to your branch if you would like to withdraw or deposit your money.

Even with credit cards, having ATM machines nearby will ensure you have access to cash in case of an emergency through the cash-advance features on your credit card. Even when you use an ATM machine of a different bank, you are still able to make these types of transactions. Of course, you need to take into account that you will need to pay for the transaction fees, yet the convenience of having access to your money when you need it the most outweighs the costs.

Similar to Internet banking, you can also check on transactions over a specified time frame. If you do not use Internet banking, you can even use an ATM with your bank to print out your transactions over a month. These transactions are usually free when you have them done with your bank.

If you travel abroad, the ATM machines that feature MasterCard or Visa logos will allow you to draw money using the card from your country of origin. This does away with having to carry around traveler’s checks or dollars, which are the items that can make traveling unsafe. The approximate transaction fees is around $3 for an international withdrawal.

It is easy to see why the ATM machine has made life a lot more convenient. To date there are approximately 3 million of these machines across globe. For now, these machines are not going anywhere as the world is still regarded as a cash-based society.