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automated teller machine |
Also found in: Dictionary/thesaurus, Wikipedia, Hutchinson | 0.01 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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Typical applications may include set-top box, point-of-sale terminals, automatic teller machines, hand-held communication devices, metering and vending devices, and smart card readers. The system will be implemented in the county late next year for issuing food stamps and tentatively also for cash benefits via electronic debit cards that are similar to automatic teller machine cards, replacing the coupons and paper checks now being issued. The NetSpend Card, which is a prepaid debit card that carries the MasterCard logo, is accepted by more than 30 million merchants and can be used in more than one million automatic teller machines around the world. |
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