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. 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. 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 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 ?
Nationwide's research shows that there are now more than 59,000 cash machines in the UK, of which almost 25,500 charge for withdrawals.
In contrast, those in Yorkshire have the tightest reign on their spending with 18% returning to a cash machine on an evening out and 23% resorting to their friends for money.
The raid was the 13th on cash machines in north-east Scotland in the past two years.
The number of cash machines across the UK reached a new record high of 70,180 in July, tipping over the 70,000 mark for the first time.
CALLS have been made for an end to "rip-off" cash machines targeting people in some of the poorest parts of Wirral.
Police believe there may have been another incident at the same cash machine the following week, when no cash was stolen.
When officers arrived the cash machine was on fire and colleagues from West Midlands Fire Service attended to extinguish the blaze.
Anyone that spots any suspicious activity around a cash machine should also contact police.
LINK spokesman Graham Mott said: "We're urging the public to come forward with any information that they may have about cash machine crime, for example card skimming or physical attacks on cash machines themselves.
James O'Donnell, South Wales Police's Community Safety Manager, said: "On April 8 a skimming device was found on a cash machine in Clifton Street.
Through the Cash Machine entrepreneurs can quickly access the cash and credit they need to grow their business.
CONSUMERS are being urged to avoid becoming victims of fraud by shielding their PIN when they enter it into a cash machine.