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 ?
Tenders are invited for Automated Teller Machine Services
A notice that a fee may be imposed by an automated teller machine operator as defined in section 205.
This study covers the state of the global automated teller machines market, examining drivers and restraints for growth, distribution, technology, demand and geographical trends.
Automated teller machines are available at the following Valley locations:
This study covers the state of the World automated teller machines market, examining drivers and restraints for growth, distribution, technology, demand and geographical trends.
Automated teller machines are another battleground for fees.
The automated teller machine pans a camera across your eyeballs to verify your identity.
is planning a vast expansion of its automated teller machines and will charge its own customers to use them.
a leading provider of ATM services, today announced an agreement that enables ANI to supply and support third-party ATM service vendors with Wincor Nixdorf's entire line of ProCash(TM) automated teller machines (ATMs) and automatic teller safes (ATS) across the U.
With the aid of Fujitsu, the bank will issue a cash card embedded with an IC chip and equip its automated teller machines (ATMs) with an authentication system based on Fujitsu's authentication technology.
banks to charge consumers new fees for the use of automated teller machines is adding fuel to congressional efforts to ban the fees, a consumer rights group reported.
BEIJING -- NCR Corporation (NYSE:NCR) announced today that it has received large automated teller machines (ATM) purchase orders from China Construction Bank and Bank of Communications.

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