Who is not familiar with ATM and withdrawals from it? No one in the world I guess, every person uses the ATM and gets benefit from it by withdrawing money without any direct contact with the banking staff. For the others who are unfamiliar with ATM, it stands for Automated Teller Machine and it is an expert computer based machine that makes it handy to manage and transect your money. Almost all ATMs allow the user to withdraw money, and many allow him to make deposits using the same machine. In whatever you do, you will be handed over a receipt.

The receipt will have user’s name, the date on which transaction occurred, his account number and other account details along with the amount withdrawn by him in currency and the amount that is remaining in his account. This all will be on a piece of paper with the name and logo of bank from whose ATM you are transacting and the name of your own bank.

Uses of ATM Withdrawal Receipt

It is a good idea to keep all kinds of receipts, whether it is an ATM receipt or any other. The reason behind this is that the withdrawal from the ATM and the debit to the account is a comprehensive process. There are multiple processes involved during the whole process between the hardware of the ATM, the software that is controlling the machine and the core banking software. Like any other software programming, there is possibility of errors, like wrongly debited amounts due to bugs or viruses, or duplicate of transactions being posted because of link problems. Although such errors would normally get caught during reconciliation process between the ATM software and the financial institution’s statements, it is however, advisable to keep the receipts safe and secure and verify mistaken debits. If any such case arises, the receipts can play a vital role and would provide additional information that would be required by the Bank to rectify the errors promptly and efficiently.

Benefits of ATM Withdrawal Receipt

Some of the many benefits of having and saving the receipt of ATM withdrawal are that it is an authentication of money transaction and if you find any imbalance of financial information between what you knew you had and what is imprinted on the receipt, you can immediately consult your bank. It can be an indication of something you haven’t done, you have a proof that the transaction has been taken place, but not by you. Furthermore, your financial details are within your reach to make banking and keeping your money safer than ever before. This receipt makes sure that nothing out of order happens and keeps you assure of it.

The receipt is an important element and is best for records of the financial institution and the person himself. This should be kept safe and filed for future use and to avoid any misunderstanding arising from any problems. This receipt can prove to be vital in the audit of the financial institution of the person’s own account in future as well.