An ATM which is automated teller machine refers to an electronic telecommunications device that helps clients of a particular bank to perform transaction in their bank accounts without a human clerk. An individual can withdraw, do deposits to their account, transfer funds etc from their accounts at the machine. ATM machines were invented by Fred J Gentile and Jack Wu Chang who are patented and in the year 1969 September 2 the first ATM was installed at the chemical bank Rockville branch in New York. ATMs in US can be found using an ATM locator.
A Commercial banks is a financial institution that offers services to clients by receiving deposits, offering investment products like saving account as well as certificates of deposit, and giving out loan in various forms; business, mortgages, and auto loans.
Services Offered by Commercial Banks in US
There are two primary functions of a commercial bank; to accept different types of deposits from their clients and to provide financing. The deposits are done via savings accounts deposits, fixed deposits account and the recurring account deposits. On the other hand financing is in form of loans, cash credit, overdraft, bill discounting, and term loans with the correct collateral.
How to Choose a Commercial Bank in US
Choosing a commercial bank in US to work with is not a simple affair like it sounds since we all need a bank we can trust with our hard earned money and a bank that can support different ventures with financing at reasonable rates. Therefore start by getting recommendations from others on the banks they use and listening to the feedback they have to offer. Secondly find out how access is with the bank especially in terms of financing especially for small business that may need financing every so often. Find out what rate they offer on both deposits and loans to gauge the competitiveness of the same. Most importantly find out the services they have to expedite cash inflows; check processing, electronic transfers, credit cards, lock boxes etc since the bank of choice should have the latest technology in the market. Is the bank you are looking at committed to offering cash management services, if no then consider other options and lastly get good references for yourself. Due to the risk averseness of banks nowadays, they are keen on personal financial records. Bank locations of most commercial banks can be accessed by use of a bank locate on website.
News Regarding ATMS and Commercial Banks
ATM skimming is a crime that is on high which includes attaching a skimming device to the ATM with the objective of stealing an account holder’s information. The skimming devices used are magnetic heads, cameras and mirrors to view the key strokes. Clients of any commercial bank and frequently use an ATM needs to be informed of this in order to remain vigilant during transactions. A client can prevent himself or herself from falling victim by familiarizing themselves fully with ATM use, sticking to ATMS within bank premises, be on the lookout for false slot ( newer and sticking out) and never hesitate to report any strange observations made to the security personnel or bank staff.