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 ?
It makes it easy, fast and secure for individuals and businesses to buy goods and services using automatic teller machines ("ATMs") and point of sale ("POS") terminals, providing them with many of the benefits and services heretofore offered by a prime bank.
3 billion takeover of First Interstate last year created longer lines at many branches as other offices consolidated and incompatible computer systems caused problems at automatic teller machines.
UAS provides a full service ATM program for thousands of automatic teller machines as well as a full range of vaulting services.
The alliance, composed of six banks and a credit union cooperative, pledged not to levy a surcharge when noncustomers use one of their automatic teller machines through a 13-state network of 2,250 terminals, most of them in California.
First Cash Card is a company that provides debit cards to the unbanked and underbanked, making it easy, fast, and secure for individuals and businesses to buy goods and services using automatic teller machines ("ATMs") and point of sale ("POS") terminals.
The Los Angeles Police Department has set up automatic teller machines in five San Fernando Valley stations.
In addition, they give Empire the right to manage all casino-style gaming activities (other than horserace wagering) that may be conducted on the land for seven years, and the right to manage all lawful commercial activities on the land related to gaming - including automatic teller machines, food service, lodging, and retail establishments.
the nation's largest independent owner and operator of automatic teller machines (ATMs), announced today an investment of $75 million by TA Associates, a leading private equity and buyout firm.
New York City visitors could benefit from a measure that would allow police to arrest ``squeegee men,'' beggars at automatic teller machines, and other aggressive panhandlers.

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