automated teller machine

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Related to Automated banking machine: cash dispenser, automated teller machine, ATMS

automated teller machine

(ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip or computer chip. The strip contains an identification code that is transmitted to the bank's central computer by modemmodem
[modulator/demodulator], an external device or internal electronic circuitry used to transmit and receive digital data over a communications line normally used for analog signals.
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. To prevent unauthorized transactions, a personal identification number (PIN) must also be entered by the user using a keypad. For additional security, transactions made with a computer chip also create a unique code for each transaction; this helps prevent information stolen during the transaction from being reused. Once the transaction is authorized, the computer permits the ATM to complete the transaction; most machines can dispense cash, accept deposits, transfer funds, and provide information on account balances. Transactions at ATMs may also now be done using smartphones and a number of different methods, or using palm- or fingerprints for personal identification. Banks have formed cooperative, nationwide networks so that a customer of one bank can use an ATM of another for cash access; by 2010 there were more than 420,000 ATMs across the United States. The internationalization of banking networks also permits ATM cards to be used to make transactions abroad. Some ATMs will also accept credit cardscredit card,
device used to obtain consumer credit at the time of purchasing an article or service. Credit cards may be issued by a business, such as a department store or an oil company, to make it easier for consumers to buy their products.
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 for cash advances. The first ATM was installed in 1969 by Chemical Bank at its branch in Rockville Centre, N.Y. A customer using a coded card was dispensed a package containing a set sum of money.
References in periodicals archive ?
Interac has developed a national network for two shared electronic financial services: Interac Direct Payment, Canada's national debit card service and Interac Shared Cash Dispensing Service for cash withdrawals at Automated Banking Machines.
Judge Warner told Benmakroha: 'You were a willing assistant and were able to take advantage of that dishonest arrangement and milk that account through automated banking machines.
TD Bank provides operational support through its branches and access through their network of automated banking machines.
This philosophy of convenience was inaugurated some years ago with the installation of TD Bank's network of Green Machines, which consists of 1,300 full-service automated banking machines (ABMs) and 200 cash dispensers located throughout Canada.
According to research from the Canadian Banker's Association, 51 percent of Canadians reported that they bank primarily online, while 38 percent use Automated Banking Machines.
The firm said that it was planning to install more than 800 automated banking machines across the country by the end of September.
The bank has a network of 1,190 branches and offices and 3,869 automated banking machines in Canada.

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