ATMs, otherwise known as automated teller machines, provide customers with self-service banking, which, for obvious reasons, is highly convenient.
At times when banks are not open for service, you are at liberty to utilize your debit card, or even a credit card, at an ATM machine in order to get cash, to make a deposit, or to check your account balance.
However, it’s not all roses. ATM machines do have some disadvantages.
Let’s consider the further advantages of ATM machines, in addition to some of their disadvantages.
Advantages of ATM Machines
1 ATMs offer versatility
Over the years, ATM machines have become increasingly versatile.
There are now more services available through ATMs – getting your cash, making deposits, making loan payments, transferring funds between different accounts, checking the balance of your accounts.
There are some ATMs that fund prepaid phones and sell stamps.
These days, banks in the U.S. work together with ATM manufacturers to ensure that ATMs are accessible to disabled people.
Further, in 2012, ATMs in the U.S. underwent improvements such as keypad accessibility and improved screens so that people in wheelchairs could more easily see the screens and use the keypads.
ATM keypads now also feature Braille so that blind people can use them without having to rely on others to help.
ATMs provide self-service banking which is highly convenient.
During hours when banks are not open for business, ATM machines are available to get cash and much more.
2 Convenience
Because banks now position their ATM machines in numerous locations, and not just outside the bank, it makes it a whole lot more convenient for customers.
At the supermarket and want to pay by cash? Not enough cash available in your wallet?
Simply go outside the supermarket and there will almost certainly be at least one ATM machine available.
Disadvantages of ATM Machines
1 ATM usage fees
For many people, because using ATM attracts a fee, they prefer to avoid the fee and thus avoid using the ATM.
In the U.S. and many other countries (though not in the U.K. where use of any ATM is entirely free), if you decide to utilize the services of an ATM that is not the property of your own bank, typically, you will have to pay a certain amount for the convenience.
Typically, ATM usage fees range between $1 and $3.
Furthermore, it’s possible that you may be asked to pay your own bank, too. The fees are in the same range – $1 to $3.
For obvious reasons, if you regularly utilize ATMs that do not belong to your bank, you could, quite quickly, rack up a lot of fees.
2 Lack of personal service and safety
While ATMs offer a great level of convenience, there’s zero personal interaction available to you when you use an ATM.
You can’t ask questions of an ATM. Or, you can, but you will not get any answers. And you may get some odd stares from people nearby.
It’s possible that because so many people now rely far more on self-service style banking, banks may begin to cut back on offering personalized services whereby you can ask a friendly (or perhaps not always so friendly) banking assistant for help.
Then, on top of the lack of personal service, ATMs do tend to attract thieves.
Consumers that have a habit of withdrawing (or depositing) cash late at night or during the early morning hours are particularly at risk of being robbed.
Image by Sebastian Ganso from Pixabay