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automated teller machine |
Also found in: Dictionary/thesaurus, Financial, Acronyms, Wikipedia, Hutchinson | 0.04 sec. |
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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. The strip contains an identification code that is transmitted to the bank's central computer by modem fax modem enables a computer to send and receive transmissions to and from a fax machine (see facsimile ) or another fax modem.
Modems were first used with teletype machines to send telegrams and cablegrams. ..... Click the link for more information. . To prevent unauthorized transactions, a personal identification number (PIN) must also be entered by the user using a keypad. The computer then permits the ATM to complete the transaction; most machines can dispense cash, accept deposits, transfer funds, and provide information on account balances. Banks have formed cooperative, nationwide networks so that a customer of one bank can use an ATM of another for cash access; by 1997 there were more than 160,000 ATMs across the United States. Some ATMs will also accept credit cards credit 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. ..... Click the link for more information. 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. |
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? Mentioned in | ? References in periodicals archive | ||
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| Customers can bank in person, as well as via automated teller machine (ATM), telephone, fax and the Internet. The two men approached him as he returned to his maroon pickup truck from the automated teller machine. The revisions implement amendments to the act contained in the Gramm-Leach-Bliley Act that require the disclosure of certain fees associated with automated teller machine (ATM) transactions. |
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automated teller machine
