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 ?
David Gibbs, Southern Star President and Chief Executive Officer said: "Overall, the Cash Point 30-1 Well indicates we may have several highly prospective Cotton Valley intervals.
ROBBERY SCENE: The security van at the cash point in Old Hall Street today
It intends slapping a pounds 1 fee on customers of other banks who use its cash points.
n Wayne Patrick McGuffie, 23,of no fixed abode, pleaded guilty to stealing money from a man at a cash point in Formby village on June 17.
Staff at the HSBC in Church Street, Haydon Bridge, were amazed to see someone watching them from a hole which had been drilled above the bank's cash point.
A GROUP of schoolboys chased a thief after a pensioner's money was snatched at a cash point.
A TERRIFIED man was forced to hand over his phone and wallet to two muggers who then made him give them money he withdrew from a cash point, Birmingham Crown Court heard.
Their unique value to clients begins with consulting on industry trends, covers alternative distribution systems that are less dependent on branches -- such as PC banking, private networks, e-commerce, ATMs or cash point of sale -- and then moves into implementation.
The privacy zones consist of yellow boxes painted on the floor around the cash point to give users distance from other customers waiting to use the facilities.
Queues formed at the bank's cash point machine in High Street just before midnight and with the start of a new business day after midnight customers could cash in again.
The Cash Point poker promotion will run during the month as three weekly races, and will rank players based on their participation in qualifying hands at No Limit Hold'em cash games.
CCTV cameras captured a woman being robbed as she withdrew money at the cash point in Quanzhou city in southeast China's Fujian Province.