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 ?
The maximum transaction fee or surcharge that may be charged to the public, for the use of the automated teller machine services under this proposal, shall be three dollars ($3.
Automated teller machine operator means any person that operates an automated teller machine at which a consumer initiates an electronic fund transfer or a balance inquiry and that does not hold the account to or from which the transfer is made, or about which an inquiry is made.
This study covers the state of the World automated teller machines market, examining drivers and restraints for growth, distribution, technology, demand and geographical trends.
ACS") (Nasdaq: ACS) regarding AnyCard(TM) automated teller machines.
Among other uses, the ``biometric identity'' devices are being tested in automated teller machines as a substitute for plastic bank cards and personal identification numbers.
5 billion holding company headquartered in Cincinnati, Ohio with 307 full-service Banking Centers including 66 Bank Marts(R) open seven days a week inside select grocery stores and 503 Jeanie(R) Automated Teller Machines located in Ohio, Kentucky, Indiana and Naples, Florida.
are electronic funds transfer networks which provide automated teller machine and point-of- sale debit services to financial institutions and their customers.
A controversial new fee could double the cost of using another bank's automated teller machine, according to a new report by two consumer groups.
It's a mobile automated teller machine (ATM) that will be available to serve NationsBank customers and other ATM cardholders.
27 /PRNewswire/ -- The Green Machine network will experience a temporary break in automated teller machine (ATM) service on Sunday, January 30, 1994, the network said today.
today announced a preliminary agreement to consolidate their automated teller machine (ATM) and point of sale debit (POS) networks to form one of the nation's largest electronic funds transfer (EFT) networks.
When used as an automated teller machine (ATM) card, the Advantage Card enables card holders to withdraw cash from machines in the MAC, MOST and NYCE regional networks, as well as those in the international Visa and PLUS networks.

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