Time saving is perhaps the most important benefit of being in possession of an ATM card. It saves you the time spent in having to drive down to the branch and you do not have to waste time waiting in the queue to perform your transactions. The ATM Card facilities provides you with the option of banking instantly for various other transactions as mentioned below.
At the ATM, now you are not bound to do your transactions within banking hours. There no need to worry about bank holidays or public holidays. It is any time of the day and night throughout the year.
Withdraw cash when overseas
Depending on the type of facility provided by your bank, if you are travelling overseas, then the card can be used to withdraw currency of the country you are travelling to, from the ATM.
Of course, you should check before hand if your bank has given you this facility.
The use of the ATM is restricted only to the person who knows the PIN. Thus if you keep the PIN confidential, then no one but you can use the ATM to do the banking transactions.
Also for safety purposes, you can set daily transaction limits and the ATM. Receipts can help you keep track of your transactions and the money withdrawn or transferred. Also you can change your PIN as an additional security measure.
Save your account from being dormant
Often one or the other account goes dormant if you have not done any transaction for six months or so. To make it operational again is a hassle. The reason for this is that most of us are hard pressed for time. Now you can do one small transaction at regular intervals to keep it active.
Helpful budgeting tool
With an ATM debit card, you can never go overboard with your money spending. The debit card ensures that you get to spend only that much money that you have in your bank account. This means you cannot go into a situation like “credit card debt”. This helps you to strictly stay within the budget limits, unlike with credit cards.
ATM points are conveniently located at multiple locations. You can go the ATM of any bank to withdraw cash – provided your ATM card is linked with that bank.
There is no need to fill out withdrawal and deposit slips – unlike the practice at the bank branch.
Even when travelling overseas, you can withdraw cash at ATMs – provided your local laws permit it.
If there are advantages and benefits of using the ATM cards, there are some potential risks associated too. Here are some guidelines, if followed you can avert or minimise the risk of debit card frauds:
As soon as you receive your card, sign at the back.
Keep the card safe to guard against loss or theft – just like you would keep your cash, credit cards or jewelry.
If possible, carry credit cards and debit cards separately from your cash wallet
If you lose or misplace your ATM debit card, immediately notify your bank.
Choose a PIN number which is different from your house number or birthday so that it is difficult to guess by a hacker.
Never share your PIN number with anyone and also do not write it somewhere. Just memorise it.
Keep receipts of all transactions done through your ATM debit card for your records and future reference.
Periodically, you should check your statements and if you find any discrepancy then take it up with your bank immediately.
Ask your bank to issue you a chip-enabled debit card, if available. While doing transactions for retail purchases, this is more secure than swiping the magnetic strip.