automated teller machine

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Related to Cash dispensers: automated teller machine, ATM Machine

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.
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References in periodicals archive ?
The software's reporting and analytics tools allow credit unions to collect data in three key areas: cash dispenser and recycler operations (to determine whether or not the machines are being used properly), machine maintenance (to learn in advance when machines need to be replaced or repaired) and cash flow analysis (to find out how much cash is being used on specific days), explained Moore.
A company insider said the 28,000 cash dispensers produced there in 2006 would be slashed to just 16,000 this year.
An industry source said this type of cash dispenser theft was relatively new.
Cash dispenser group Moneybox has paid pounds 1million to run ATMs in catering firm Compass's outlets, which include Whistlestop, Harry Ramsden's, Upper Crust and Caffe Ritazza.
Wednesday, halting transactions with other financial institutions through all 19,621 ATMs and cash dispensers of 347 ''shinkin'' banks nationwide.
However, cash dispensers and electronic services will function normally.
Over the next few years it will be possible to obtain cinema, theatre and sports tickets from bank cash dispensers. Bus, train and airline tickets will also become available in this way.
Cyber crooks using Chinese malware to clean out cash dispensers across states
The company said these cash dispensers feature a range of advanced software-enabled digital functions, including the ability to authenticate and transact without the use of a traditional card reader or PIN pad.
Wells Fargo has publicly endorsed CFM's solution for integrating cash dispensers and recyclers with teller platforms, the company said.