Point out few strength and weaknesses of ATM card.

Advantages of ATM

1.Withdrawing money.

2.Checking how much money is remaining in the account.

3.Round the Clock Services: ATM provides banking services to its customers round the clock, 24 hours a day, 7 days a week and 365 days a year.

4.Access to bank from any part of the world: Essential banking services like deposits, withdrawals transfer of funds, etc can be accessed by customers from any part of the world.

5.Expansion of Services to any corner of the world: Of the Banks can expand their services to any corner of the world by providing electronic access to its customers.

6.For shopping Purpose: Now a day’s almost every shopping mall, restaurant and other organizations are accepting debit or credit card payments.

Disadvantages of ATM

1.If problem with credit card you cannot withdraw your money.

2.If someone watches or hacks an atm machine your details may be taken if you forget your PIN number you cannot use the card.

3.Cannot be provided in rural areas: In a country like India, where banks are having large number of rural and non-computerized branches, ATM services cannot be provided.

4.Limitation of cash withdrawals: Again there is a limitation of cash withdrawals from ATM. For example, many banks do not permit withdrawal of more than 25,000 at a time.

5.Cash deposit facility is not safe: Similarly cash deposit facility is restricted and not safe as dropping of envelope and ATM is not advisable.

6.Possibility of misusing ATM card: ATM card, if misplaced, lost or stolen, may be misused. There are number of such reported incidences now a day.

7.Loss of personal touch with the Banks: Last but not the least; customers lose personal touch with their bankers.

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