The introduction of ATM machine has changed the concept of banking. Automated Teller Machine has changed the way we bank. In fact, banking has become extremely easy and faster with the introduction of these devices. Not only money withdrawal schemes, but also several sort of depositary schemes can also be done through these devices.. No more standing in queues or filling up of payment slips and forms need to be done.
Presently, if you open a bank account in any of the financial institutes, you will be handed over an ATM card along with other accessories. The ATM card will be provided along with the password page. More importantly, it is always instructed that the passwords need to be changed after receiving the card. The password is known commonly as PIN number. This is required in order to carry on with any sort of transaction through the card device.
The card needs to be punched in to the automatic teller machine. The device will then ask for the PIN number to get inserted. This number needs to be entered properly. If you enter the password wrongly, then your account will not be functioning. And more importantly, three consecutive wrong password entries will lead to locking the account for a certain period of time. Hence, you need to be extra careful before entering the PIN in the most correct order.
It is also need to be kept in mind that there is a certain range beyond which you cannot withdraw any amount at a single time. You need to carry on with multiple transactions during such situations. And most of these devices feature a maximum of twenty four transactions at a day.
If you are trying to use your card with some other bank’s Free ATM, then you need to keep in mind that only five transactions can be done free of cost. If the number of transactions crosses the limit, then it becomes a chargeable device. For every transaction, some twenty to twenty-five rupees are charged and are deducted from your account. However, these are extremely useful banking device which have helped the human beings in dealing with banking transactions rather fast.