automated teller machine


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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 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 ?
Respondents may also address other relevant issues that they consider to be critical to the success of the automated teller machine services.
An automated teller machine operator that imposes a fee on a consumer for initiating an electronic fund transfer or a balance inquiry shall:
3 WORLD ON-PREMISE AUTOMATED TELLER MACHINES MARKET
Among other uses, the ``biometric identity'' devices are being tested in automated teller machines as a substitute for plastic bank cards and personal identification numbers.
The banknotes were issued on July 19 to mark the July 21-23 Group of Eight summit in Okinawa, but have been unpopular partly because they are not usable in vending machines and automated teller machines.
com/research/hf2kfz/global_automated) has announced the addition of Frost & Sullivan's new report "Global Automated Teller Machines Market 2012" to their offering.
Tenders are invited for provide Automated Teller Machines Automated Teller Services (ATM)
The bank will issue the customers a cash card embedded with an IC chip and replace all of its automated teller machines (ATMs) with finger vein authentication terminals by the end of fiscal 2006.
1 OCCC is requesting proposals from qualified sources to establish a contract for Automated Teller Machines (ATM%s) at OCCC.

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