Although most banking functions traditionally have been performed by bank tellers, more people are taking advantage of the convenience and availability of automated teller machines (ATMs). Both bank tellers and ATMs offer certain advantages and disadvantages, and how you choose to do your banking depends on your individual needs.
Functon
The primary function of an ATM is to allow you to withdraw money from your checking account, savings account or line of credit. You also might be able to check your balance or make deposits through an ATM, depending on your bank. Bank tellers also allow you to make withdrawals and deposits, as well as making change, accepting bill payments and closing existing accounts.
Types
Bank tellers work in banks, savings and loan institutions or credit unions. They might work at the drive-through window or in the main lobby of their respective bank. ATMs typically belong to a bank or credit union, although some companies operate ATM machines independently.
Locations
Bank tellers are located in a particular branch of the banking institution. Some banks operate on a national scale, with hundreds or thousands of branches, and some banks are only in a certain geographic area and have only a few locations. ATM machines can be freestanding structures, they can be attached to the bank, or they can be located in any number of places, including movie theaters, restaurants and grocery stores.
Benefits
The primary benefit to using an ATM is that you have access to your money 24 hours a day, and you don't need to be a customer of a particular bank to use its ATM. ATM transactions also tend to be quicker than waiting in line for a teller. However, a bank teller can perform a wider range of functions than an ATM, and tellers offer a more personalized banking experience.
Considerations
When using an ATM machine, consider the fees you might have to pay, especially for using a machine administered by a bank other than your own. Also consider the safety factor when using ATMs at night or in unfamiliar locations. When using a bank teller, it's important to verify your receipts in order to avoid any transaction errors.
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