18-09-2012, 05:19 PM
Making money deposits usingATM(Automated Teller Machine)
ATM.ppt (Size: 417.5 KB / Downloads: 43)
ATM machine
An automated teller machine (ATM) is a device incorporated by using technology up gradation clubbed with telecommunication resources that provides the clients of a financial institution with access to financial transactions at a single point without the direct assistance by the Bank.
Using an ATM, customers can access their bank accounts in order to make cash deposits, withdrawals and balance verification of accounts.
Drawbacks of traditional deposits
There is no clear checking mechanism to establish that the actual money deposited by the User when any discrepancy is put forth by the Bank at a later period.
The money held in the envelope are vulnerable which leads to misappropriation by the Bank officials while transferring the contents physically.
No check for counterfeit notes
Proposed Up gradation
In the proposed up gradation of ATM device, money counter and a counterfeit detector will be configured.
User can choose the option from the screen which will display both for deposits and withdrawals.
Money counter
Primarily the port is linked with a default money counter with the capability to detect the counterfeit notes when deposited.
In addition, an adjacent counterfeit console with a triple counterfeit detection system for ultraviolet, watermark and magnetic ink verification are enabled to protect the banks against counterfeit losses.
The money counter do the job of counting the money and display the value digitally on the screen.
This output is sent to the bank to users account number in real time.
Important areas to be addressed
In the initial phase, it is suggested to accept the higher denominations only to keep in tandem with the existing withdrawal bin.
Till such time the system is familiarised, Deposits can be accepted exclusively for Home Bank customers.