ATM Cards for Banks or Automated Teller Machine cards, are issued by banks to enable customers to perform a range of financial transactions, mainly at ATMs. Here’s an overview of ATM cards and their functionalities:
Key Features ATM Cards for Banks:
- Cash Withdrawal: ATM cards allow users to withdraw money from their bank accounts at ATMs 24/7, without needing to visit a bank branch.
- Account Balance Check: Users can check their account balances using ATMs.
- Fund Transfers: Many ATMs allow for transferring funds between linked accounts or to other bank accounts.
- Deposits: Some ATMs provide the feature to deposit cash or checks into your account.
- Bill Payments: In some countries, ATMs allow utility bill payments, credit card payments, and mobile recharges.
- Mini Statements: ATM cards can also be used to get mini-statements showing recent transactions on the account.
Security Features:
- PIN (Personal Identification Number): A four- or six-digit PIN is required to access ATM functions. Users should keep this number secure.
- Magnetic Strip or Chip: Modern ATM cards come equipped with either a magnetic stripe or an EMV chip, the latter being more secure.
- Fraud Detection: Banks monitor ATM transactions for suspicious activity and may temporarily block the card if fraudulent use is suspected.
Types of Bank Cards:
- ATM Cards: Solely for use at ATMs for withdrawals and basic services. Linked directly to the user’s bank account.
- Debit Cards: Function both as ATM cards and can be used for point-of-sale purchases, either online or in-person.
- Credit Cards: Not directly linked to a checking or savings account. They allow users to borrow money up to a credit limit for purchases or cash withdrawals.
How to Use an ATM Card:
- Insert Card: Insert the card into the ATM slot or tap it if contactless functionality is available.
- Enter PIN: Enter the secure PIN to access your account.
- Choose a Service: Select from the menu (withdrawal, balance inquiry, etc.).
- Follow Instructions: For cash withdrawal, select the account and amount. For deposits, insert cash or checks as required.
- Complete Transaction: Collect your card, cash, or receipt, and ensure that the transaction is completed securely.