AUTOMATIC TELLER Meaning and
Definition
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An automatic teller, commonly referred to as an ATM, is an electronic banking device that enables individuals to perform various financial transactions without the need for human intervention. Primarily found in banks, financial institutions, or public spaces, the ATM offers a convenient and accessible means for customers to manage their finances.
Equipped with a keypad and a screen, an automatic teller facilitates a wide range of financial transactions, including cash withdrawals, balance inquiries, fund transfers, depositing checks, and bill payments. It allows customers to access their accounts by inserting a debit or credit card into the machine or by manually entering their account details.
Upon successful verification of identity and account information, the automatic teller authorizes and executes the requested transaction. Cash withdrawals are made possible by the dispensation of physical currency from the machine, while other transactions may involve updating account balances, generating receipts, or transferring funds between accounts.
The primary purpose behind the introduction of ATMs was to increase convenience for customers, reduce the workload of bank tellers, and make banking services available outside of regular working hours. As a result, users can conveniently access their money and perform necessary financial tasks at any time of the day or night, fostering greater accessibility and efficiency in the banking industry.
Common Misspellings for AUTOMATIC TELLER
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Etymology of AUTOMATIC TELLER
The word "automatic teller" is derived from two separate sources: "automatic" and "teller".
The term "automatic" originates from the Greek word "automatos", meaning "acting of one's own will". It was later adopted into Latin as "automaticus", which referred to something that can operate or function without direct human control.
The word "teller" comes from the Middle English term "tellen", meaning "to count, to enumerate". This term evolved from the Old English word "tellan", which had a similar meaning.
When combined, "automatic teller" thus refers to a machine that can perform counting or banking transactions without the need for human intervention.
Similar spelling words for AUTOMATIC TELLER
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