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 ?
Furnish And Operate Automatic Teller Machines At Various Bergen County Locations Required By The Bergen County Department Of Public Works, Division Of General Services, For The 24-Month Period Commencing June 19, 2015 Through June 18,2017 Or For The 24-Month Period Commencing Date Of Award If Later Than June 19, 2015.
The services to be provided through FamilyMart stores via automatic teller machines will be consumer credit, foreign exchange and insurance premium remittance services, as well as cash deposit and withdrawal services, Niwa told Kyodo News.
Also, customers will be able to make deposits as well as withdrawals and other transactions at a convenient drive-up 24-hour automatic teller machine (ATM).
By signing on to the MOST and NYCE networks, Meridian has added more than 18,000 new automatic teller machine (ATM) locations from Maine to Florida to its existing network of 254 ATMs in Southeastern Pennsylvania, the Delaware Valley and the state of Delaware.
Remember when the Automatic Teller Machines were first introduced?
The group has an extensive distribution network of over 1,400 branches and 5,114 automatic teller machines located throughout Mexico.
An employee of a company that services store automatic teller machines was taken into custody on suspicion of embezzling money from the machines on his route, sheriff's officials said.
PHILADELPHIA, March 18 /PRNewswire/ -- The Pennsylvania Turnpike Commission and Provident National Bank in Philadelphia have joined forces in a pilot project to introduce automatic teller machines on the toll road.
Named the "Official Bank of Sprint Center," UMB will also receive a sponsorship, advertising and promotional package which will include permanent signage on the venue's exterior freeway marquees, along the main concourse and in-bowl fascias; the opportunity to locate UMB automatic teller machines inside and outside the arena; the development of messages, features and logo representation on arena video screens and Sprint Center TV network; and a location within Sprint Center to open a banking service center to serve guests attending events.
On Thursday, Bank United became the first in the United States to offer iris recognition technology at automatic teller machines, providing the Swartzes and other customers a cardless, password-free way to get their money out of an ATM.

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