‘‘ATM FACILITATE AROUND THE CLOCK SERVICE

TO ITS CARDHOLDERS’’
Mr.S.SIVASUBRAMANIAN Mrs.C.SHEBA PRISKKILAL Mrs.I.PREMROSE THAYAMMAL

Lecturers in BBA
CSI Jayaraj Annapackiam College
Nallur
______________________________________________________________________________________

Abstract

The banking institutions have developed rapidly over the last few
decades. Today bank have become a part and parcel of our life. Banks offer
access even to a common man and help them in their activities. In a modern
economy “money is the life blood of business, industry and human beings’’.
So banks have become the institutions responsible for safeguarding the
money. Banks are the good representatives of the public.

“Slow and steady wins the race” is an outdated slogan. “Fast and
immediate” is the present day order for withdrawing money and payment at
no time from all over the world. In this light the present study has been
undertaken. The ATM [Automated Teller Machine] technology has
revolutionized various aspects of our life. ATMS can offer significant
benefit to both bankers and their depositors. The ATM can enable depositors
to withdraw cash around the clock. The potential benefits are multiplied
when banks share their ATMS, allowing depositors of other banks to access
their accounts through a bank’s ATM.

The researchers have been chosen primary data and secondary data for
this present study.
 “ATM FACILITATE AROUND THE CLOCK SERVICE
TO ITS CARD HOLDERS”

Mr.S.SIVASUBRAMANIAN Mrs.C.SHEBA PRISKKILAL Mrs.I.PREMROSE THAYAMMAL

Lecturers in BBA
CSI Jayaraj Annapackiam College
Nallur

_____________________________________________________________
Introduction: -

Today banks have become a part and parcel of our life. There was a
time when dwellers of city alone could enjoy their services. Now banks offer
access to even a common man and their activities extend to areas hitherto
untouched. The banking institutions have developed rapidly over the last
few decades. It gives very important functions to safeguard the money and
gives safety to the money and gives interest also.

The word “Bank” is said to have derived from the French word
“Banco” or “Banc’’ or “Bangue” which means a “Bench”. In fact the early
Jews in Lombardy transacted their banking business by sitting on benches.
When their business failed the benches were broken and hence the word
“Bankrupt” came into vogue.

ATM [Automated Teller Machine]: -

“Slow and steady wins the race” is an outdated slogan. Fast and
immediate is the present day order for withdrawing money and payments at
no time from all over the world. In this light the present study has been
undertaken. The ATM [Automated Teller Machine] technology has
revolutionized various aspects of our life. ATMs can offer significant benefit
to both bankers and their depositors. The ATM can enable depositor to
withdraw cash around the clock. These potential benefits are multiplied
when banks share their ATMs, allowing depositors of other banks to access
their accounts through a bank’s ATM.

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INVENTORS OF ATMs: -

An automatic teller machine allows a bank customer to conduct their

banking transaction from almost ever other ATM machine in the world. Don
Wetzel was the co-partners and chief conceptualist of the automated teller
machine to an idea he thought of while waiting in line at a Dallar bank. At
the time Don Wetzel was the vice president of product planning at Docutel,
the company that developed automated baggage and handling equipment.
The other two inventors listed on the patent were Tom Barners, the chief
mechanical engineer and George Chastain, the electrical engineer. It took
five million dollars to develop the ATM. The concept of the ATM first began
in 1968, a working prototype came about in 1969 and Docutel was issued a
patent in 1973. The first working ATM was installed in New York based
chemical Bank.

CARD: -

Bank issue cash Debit Card to the Cardholder. “Cardholder” refers to a

customer of bank to whom a card has been issued and who is authorized to
hold the card.

VALIDITY: -

The card is valid for use at ATMs and Merchant Establishment in India
only. The card is valid up to the last working day of the month indicated on
the card.

PIN [Personal Identification Number]: -

To enable the cardholder to use the card, a Personal Identification

Number [PIN] will be issued to him. The PIN shall be mailed to him and the
cardholder shall ensure that the same is received in a sealed envelope. This
PIN may subsequently, be changed by the cardholder, at his own risk, at an
ATM.

TERMINATION OF ATM CARD: -

The cardholder may discontinue this facility anytime by a written notice

to the Bank accompanied by the return of the card cut into two diagonally.
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The cardholder shall be liable for all changes incurred, up to the receipt of the
written notice duly acknowledged. The Bank shall be entitled to discontinue
this facility at any time by canceling the card with or without assigning any
reason whatsoever any by giving seven day’s notice.

ATM USAGE: -

The card is operable with the help of the confidential PIN at ATM
locations. All transaction conducted with use of the PIN will be the
cardholder’s responsibility and he will abide by the record of the transaction
as generated. When the cardholder completes a transaction through an ATM
he can opt to receive a printed transaction record. The amount of available
funds is shown on this ATM receipt when he uses his card. The cardholder is
advised to retain the record of Transaction generated by the ATM with him.

MAXIMUM LIMIT OF WITHDRAWAL: -

In Nationalized Bank the ATM cardholders are agreeing allowed

withdrawing only 15000/- per day [Fifteen Thousand] irrespective of the
credit balance in the account. This amount will be announced from time to
time. Any attempt to violate this limit may lead to withdrawing of his card
facility. ATMs stocking the following denomination banknotes particularly
Rs.100, Rs.500 and Rs.1000 denominations of banknotes.

BENEFITS OF ATM: -

ATMs has given number of benefits to its cardholders

1. Reservation of Tickets through ATMs: -

Now a days people easily get railway tickets and Flight tickets through
ATMS. It is not necessary to take more liquid cash in their hand for the
purpose of reservation of their tickets. It also reduces the queue in the ticket
counters.

2. Payments for household and other expenses through ATMs: -

ATMs are being installed in the shopping centers, clubs and public sporting
venues. It is very accessible for people to take money without difficulties.
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3. ATMs increase the Emotional stability to its cardholders: -

ATMs are available in different locations like near bus stand, hospitals,
clubs, colleges, schools and various important places, that give more
benefits. They should not bother about the payment of various purposes.
They need not carry huge amount of liquid cash in their hands. The
cardholders are mentally free from safeguarding the money and unexpected
need of money.

4. ATMs reduces the rush in the Banks: -

ATMs technology has developed the various aspects of our life. It

reduces the rush in the Banks especially in the banking hours. It saves the
time of both the bankers and the customers. Meanwhile the bankers can use
their time in other valuable activities for the benefit of the customers.

5. Bank shares their ATMs with other Bank’s ATM cardholders: -

It is a privilege to ATM cardholders to withdraw money to other banks

also. It is surprising to hear that “Banks share their ATMs with other Bank’s
ATM cardholder with the small amount of service charges”. The service
charges may vary from bank to bank.

6. ATM is a Time saving device: -

“Fast and immediate” is a present day order. No one like the old word
“slow and steady wins the race”. This device gives equalization for the
former slogan. It is a time saving device. It saves the precious time of its
customer. “Time and Tide wait for none”. The ATMs exemplify the above
statement.

PRESENT TRENDS ON ATMs: -

ATMs being installed by shopping centers, clubs, public sporting,

hospitals, Bus stands, railway stations other traveling places, colleges and
schools. etc; it is very accessible to use, and the operation of ATMs is also
easy.

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Some of the views given by the respondents as followed: -
1. High rate of male users.
2. Young generations utilize this facility more & more.
3. Based on the occupational status. Business people use this facility
abundantly.
4. Locations of ATM centers facilitate much to users too.
5. Most of the respondents feel that it is time saving device.

Future ATMs: -

ATMs of the future are likely to work with smart cards, and these cards
could contain a set of user preferences instructing on the machine to present
information, either in large print, in audio or pictorially.

Smart cards are biometric techniques are starting to be used more

frequently for ATM identification facial recognition thumb and finger
printing iris [unique patterns found in the human eye] recognition and voice
print analysis have all been trailed and are being considered for ATM
identification as are placement to use of PINs. For people with disabilities,
who may not be able to provide sufficient biometric information disability
researchers in the UK advocate that PINs be retained as an alternative to the
more futuristic approaches to accommodate the wide range of people with
disabilities.

A futuristic ATM which is being prototyped in Canada doesn’t

require a card at all .Nor does it have a keyboard of screen. The ATM
identifies the customer by his or her iris. It welcomes the customer and the
transaction is conducted through a spoken dialogue between the ATM and
the customer.

SUGGESTIONS FROM VARIOUS ATM USERS: -

The followings are the suggestions from the ATM cardholders

 Wants to improve the accessibility of the ATM centers
 Introduce the deposit facility, it is an urgent need of the cardholders
 The person who is incharge security of ATM services in the bank must
be there to help those who find difficult to operate.
 The ATM service may be installed in rural areas also.
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  Immediate alternate arrangements to be made at the time of power
failure.

CONCLUSION: -

ATM service gives satisfaction to its users & enables them to attract
large number of people. Utilization of ATM service has got enormous
growth within short period due to its advantages. ATM renders its service
around the clock. It saves the precious & valuable time of the users.

The researcher concluded that success of the ATM service depends on

the accessibility of the ATM centers, introduction of deposit facility and
increases the maximum limit of withdrawal in ATMs.

REFERENCES

 Saravanavel. P. etc., “[Banking Law & Practice]”, Marghan Publication. Madras,

1986.
 Gorden. E & Natarajan. K., [Banking theory Law & Practice], Himalaya
Publicating House, Mumbai 1998.
 Kothari. C. R. [Research Methodology, Methods and techniques] Eastern Limited
1989.

NEWS PAPERS

 Thinakaran 3rd, 23 March 2006

 The Hindu, 1st March 2006