CDM stands for Cash Deposit Machine in the context of banking and financial transactions involving cash.
A Cash Deposit Machine (CDM) is a self-service terminal that allows users to deposit cash directly into their bank accounts without the need for a teller. These machines are commonly found at bank branches, ATMs, and other convenient locations.
Here's a breakdown of what a CDM offers:
- Cash Deposits: The primary function of a CDM is to accept cash deposits.
- Self-Service: Users can deposit cash independently, offering convenience and reducing wait times.
- Accessibility: CDMs increase accessibility to banking services outside of normal banking hours.
- Payment Transactions: Some CDMs also allow users to make payments via cash.
While CDM almost always refers to Cash Deposit Machine when dealing with cash in a banking context, it is important to remember CDM could have other meanings outside of finance.
