Nowadays most of the people get to see ATM card, because at present ATM card is available immediately after opening an account in any bank. ATM card is a type of card which is linked to a person’s bank account, and this card makes many tasks easier. Let us know in this article what are the benefits of ATM card and along with this we will also know about the disadvantages of ATM card .
Benefits of ATM Card
Cash can be withdrawn from ATM machine using ATM card.
Bill payment can be made for any type of purchase on online shopping websites.
The bank provides the benefit of accident insurance cover up to Rs. 5 lakh to the ATM card user.
Bill payment can be done through ATM card through swap machines at places like hotels, restaurants, petrol pumps etc.
Netbanking helps in opening mobile banking accounts, after which one can control one’s bank account.
Can be used in any third party app for ticket book, mobile recharge, debit recharge etc.
Disadvantages of ATM Card
An annual fee is charged by the bank from the ATM card user.
The bank usually charges a fee for withdrawals exceeding the daily limit, which is deducted from the bank account.
ATM card is linked to the bank account, hence loss of this card can lead to its misuse.
ATM cards are also used online, hence there is a risk of online fraud.