What is an ATM?
An Automatic Teller Machine (ATM) is a computerized telecommunications device that provides a financial institution’s customers with a method of financial transactions in a public space without the need for a human clerk or bank teller. On most modern ATMs, the customer identifies him or herself by inserting a plastic ATM card with a magnetic strip or a plastic smartcard with a chip that contains his or her card number and some security information. Security is provided by the customer entering a personal identification number (PIN).
ATMs, short for Automated Teller Machines, allow customers to perform banking transactions anywhere and at anytime. By using a debit or ATM card at an ATM, customers can withdraw cash from checking or savings accounts. Some ATMs also allow customers to make a deposit or transfer money from one account to another or get cash advances using a credit card. Individuals should be aware that many banks charge transaction fees — generally ranging from 50 cents to $3 per transaction — for using another bank’s ATM.
An ATM (Automatic or Automated Teller Machine) is a computerized machine designed to dispense cash to bank customers without need of human interaction. The ATM can also take deposits, transfer money between bank accounts and provide other basic financial services. Most banks feature one or more “on premises” ATMs so that customers have access to services 24 hours a day, seven days a week. During banking hours the ATM can reduce long lines inside the bank by providing an alternative to a human teller. Even better, the ATM continues to be available long after the bank is closed. If you need cash in the evening, on a holiday or Sunday, the ATM is there to serve. To use an ATM, the customer feeds it a bankcard, sometimes called a debit card. This resembles a credit card but is issued from the bank to use with an ATM. Once the machine reads the magnetic strip on the card, it requests a personal identification number, or PIN. The PIN provides security in case the card is lost or falls into t
