Financial Glossary: Automated teller machine (ATM)


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Automated teller machine (ATM)

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Automated teller machine (ATM)

Automated teller machine (ATM)

A device for conducting business at your credit union or other financial Institution without a teller's help even when it's closed.

With an ATM card, you can typically withdraw Cash, transfer money between two accounts, or check your account balances.

Also known as Cash dispenser. A computerized self service machine allowing the Holder of an ATM card and authorized personal identification number (PIN) to obtain Cash and statements etc

Automated teller machine (ATM) is a computerized telecommunications device that provides the customers of a financial Institution with access to financial transactions in a public space without the need for a human clerk or bank teller. On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smartcard with a chip, that contains a unique card number and some Security information, such as an Expiration Date or CVC (CVV). Security is provided by the customer entering a personal identification number (PIN), i.e., personal identification number.

A set of numbers (usually four) which the owner of a payment card uses when withdrawing Cash from an automated teller machine (Cash dispenser) is called a PIN

Using an ATM, customers can access their bank accounts in order to make Cash withdrawals (or credit card Cash advances) and check their account balances. ATMs are known by various casual terms including automated banking machine, money machine, bank machine, Cash machine, hole-in-the-wall, Cash point or Bancomat (in Europe and Russia.

Posted by IBC Conferences

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