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What are benefits that a customer may get by using Automated Teller Machine (ATM) for financial transactions?

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Benefits that a customer may get by using Automated Teller Machine (ATM) for financial transactions are;

  • Customer can withdraw money at any time/24 hours/7 days/a week.
  • Means of payment. Customer can pay utility bills/buy goods/service (through the ATMs)/ Accept examples of payment of bills as explanation.
  • Fees charged (for withdrawal) is low compared to over the counter/ services/withdrawals hence saving on cost.
  •  Strategic locations — ATMs can be found even where banks are nonexistent/ accept examples of strategic locations as an explanation.
  • Security - The customer has a PIN number which guarantees confidentiality/safer to carry card than cash.
  • Getting mini statement — Customer can use it to monitor his transactions with the bank (by getting mini statement).
  • Customers can deposit money/cheque at any time/24 hours/7 days.
  • Saves time/faster service due to less paper work/avoidance of long queues in the bank/queues may be shorter at ATMs.
  • Use of visa cards to make inter-bank withdrawals.
  • Probability as it is light to carry ATM card around.
  • Access to credit through the use of credit cards.
  • Simple/easy to operate/use as the user is guided by the machine.
  • Transaction receipts to show current balance/amount withdrawn/for record keeping/ reveal errors.

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