What is an Automated Teller Machine (ATM)?

An Automated Teller Machine (ATM) is specifically designed to allow customers to perform a variety of banking transactions independently, without the need for direct interaction with bank personnel. This includes activities such as withdrawing cash, depositing funds, checking account balances, and transferring money between accounts. The primary function of an ATM is to provide convenience and accessibility to banking services around the clock, enhancing customer experience by allowing them to handle transactions anytime and anywhere.

The option that describes ATMs as machines for conducting bank audits, processing credit applications, or as physical security locks for bank vaults does not align with the fundamental purpose of ATMs. These other functions relate to different processes in banking and security that are not served by the ATM's design and operational capabilities.