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 ?
POLICE investigating more than 20 distraction thefts across the West Midlands are alerting people to a new tactic used by thieves in order to steal money from people at cashpoints.
The vehicle was used in a number of other cashpoint attacks.
In December, a man using a cashpoint in Treforest was wrestled to the ground while another person withdrew hundreds of pounds from his account.
Police are urging people to be on their guard after they recorded seven cases of fraud in one week at just one cashpoint in Ball Hill, Coventry.
The trickster and her accomplice pretended to help their 66-year-old victim by telling her the cashpoint was faulty.
Police said: "A JCB has been used to knock out the cashpoint from the wall and that has been taken away from the scene by means of a flat back trailer.
The more Paddy Points earned during Paddy's Cashpoint II the better, with the size of the cash prize directly proportional to the amount of points accumulated and no limit placed on the maximum amount awarded.
Sam Gareth Reece is accused of taking Robert Parry to a cashpoint at High Street in Gwersyllt, on May 23.
THE d r u n k en us e of cashpoints and credit cards costs Brits an est imated pounds 130 a month.
Summary: Britain's lowest cashpoint is just 18 inches off the ground.
99 charge, about 60p will go to the owner of the site where the cashpoint is, roughly 60p is taken by the firm that owns the machine and another 40p goes to Link.
And the bank, who also own the NatWest, said sorry after their cashpoint, online and telephone banking systems all crashed.