automated teller machine

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Related to Bank 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 ?
A NUMBER of charities in the North East are to benefit from the launch of a new ATM giving scheme at more than 4,000 bank machines.
Bank Machine said it had received strong interest from charities, with 550 applications to select from.
Bank Machine MD, Ron Delnevo, explains, "The fiver was almost extinct two years ago.
We believe that getting five pound notes back into circulation will be of huge benefit to both the public and businesses across the country," said Bank Machine MD Ron Delnevo.
One Sunday Mail reader withdrew pounds 100 last Saturday from his Royal Bank account at a Clydesdale Bank machine in Tillicoultry, Clackmannanshire, only to find out on Monday the same sum had been added to his account rather than debited.
A coroner's spokesman Tuesday identified an attempted robbery suspect who was shot to death by an off-duty Los Angeles police officer near a bank machine in Hawthorne.
Global Banking News-July 26, 2013--Ukash and Bank Machine team up to offer card-less cash access at UK ATMs(C)2013 ENPublishing - http://www.
The pensioner, who was shaken but unhurt, was made to drive around Birmingham for several hours until he was forced to withdraw cash from a bank machine in Kings Heath High Street.
The 27-year-old star punched the man, who pounced on her as she tried to use a bank machine - then ran off in fright when she realised what she had done.
As well as helping residents on low incomes avoid the 'poverty premium', the ATM, provided by Bank Machine Ltd, will also come in handy for fans going to matches at Anfield.
CONMEN who used a bank machine trick device in a Northumberland town have drawn a blank - thanks to the swift action of local people.
The allegations include multiple counts of ATM bank machine scams.