An Automated Teller Machine is an electronic banking outlet which allows customers of various banking institutions complete basic transactions without the aid of a bank representative, teller or without being physically present in the bank.
There are two primary types of ATM’s. The basic one allows the customer to withdraw cash, receive a report of the accounts balance and also produce a bank statement; while the more complex machines accepts deposits and also report account information.
The First Bank Cash Deposit ATM is a verve card based transaction and allows cash lodgments (deposits) into a customers’ account and this hits the selected account immediately (Real-time). There are no doubts, no reservations and the worries of depositor error are long gone as the ATM will return your cash whenever there is network fluctuation.
The FirstBank cash deposit ATM like other ATM’s are user friendly and easy to comprehend. To use the cash deposit ATM, a customer will have to visit any FirstBank branch in Marina, Yaba, Ikeja, Calabar (new locations are added daily) where these ATMs are located. Insert his or her verve card in the machine and add your PIN. Select the option ‘Make a Deposit’ and choose the account you want to make the deposits into which can be either a checking or savings account.
The cash deposit ATM recognizes the Nigerian currency, and accepts all currency ranging from N100, N200, N500 and N1, 000 denominations of the naira notes. The cash deposit ATM receives a maximum of 50 notes per deposit, inserted in no particular order into the machine.
The customer confirms his cash details and the customer’s account will be accredited immediately.” The bank is expected to build up on the deployment of cash deposit ATMs in the three locations, with massive rollout in its branches in major commercial centers in the country, and given its large following of retail customers; public acceptance and patronage of cash ATMs is expected to leap frog and possibly compete with the basic, cash withdrawal ATMs.
This is wonderful….
O yes it is. It is a good step hatched in the right direction and would surely de-congest the banking halls as well as make life easier for the customers.
Wow. Dis is wonderfl, wt a butifl world, life made easy. Kip up d gud work
O yes. Life really made easy.
whats the difference between an ATM an a Banks representative. I still have to wait on long lines because in calabar the only ATMs are inside the banks, so no sunday withdrawal. Also if i use another banks ATM i am charged for their services. So its a flop. They should try and make it accessible at universities, big super markerts etc. Not only inside a bank whats the use?
Thanks for your comment Joseph. You would agree with me that ATMs were once everywhere in Universities, Fast Foods, Malls, Clubs and places as such. Not until the CBN mandated all commercial banks to move their ATMs out of public places. View CBN directive here http://www.tribune.com.ng/sat/index.php/features/2148–cbns-rule-and-banks-off-site-atms-.html