ATMs, cash back at stores, and bank tellers are common ways to withdraw cash. ATMs are convenient but can be unsafe, while cash back allows for withdrawals during purchases. Bank tellers require a visit to the bank.
There are three commonly used ways to withdraw cash from a bank account: using an ATM, getting cash back at a store, and getting cash back at a bank with a teller. A very popular way is to use an ATM because these machines are located in many countries and usually have short or no lines. Many stores also allow customers to withdraw more money than they spent in order to walk away with cash in hand. Finally, the traditional way to make a cash withdrawal is through a bank teller. All of these different ways of making a cash withdrawal have advantages and disadvantages, leading many people to prefer one way over another.
An ATM, also known as an automated teller machine (ABM), is a way to make a cash withdrawal without needing to interact with other people or be at a bank. It is a machine that allows cash withdrawals and, in some cases, cash and check deposits. These machines are becoming easier for blind and deaf people to use with the implementation of braille keys, voice prompts, and headphone jacks. One downside to making a cash withdrawal at an ATM is the potential of being robbed or forced to withdraw cash for a thief, as outdoor ATMs are largely unsafe aside from security cameras. There are also several ways to collect a person’s card and PIN number when they are using an ATM.
Cash back, commonly known as cash-out in some countries, allows a customer to make a purchase and then request cash on top of it. For example, a customer may have an item tagged at $10 US Dollars (USD) and request $20 USD in cash at the cashier. When a debit card is swiped, $30 USD is withdrawn from the bank account and $20 USD is given to the customer. This eliminates the need to visit an ATM if a person needs to make a purchase anyway. The downside is that cash back is often limited to a certain amount of money per purchase.
Depending on the bank, people can typically interact with a teller in person or through a drive-in. In person, the person only needs to use their bank card and sometimes an ID to make a cash withdrawal. When using a drive-in, a person may be required to fill out a pickup receipt, in addition to providing their ID card. Both ways require you to be at a bank to make the cash withdrawal, which is inconvenient if the bank is not nearby or is normally busy.
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