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 ?
This will allow customers to send money to relatives and others who do not have a cash dispenser card.
The most up-to-date and authoritative primary data on current deployment of ATMs, cash dispensers and related cash handling equipment and services in the retail payments industry in the Asia Pacific region.
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.
HSBC customers were unable to withdraw money at many of the bank's cash dispensers or carry out transactions on its website.
Two out of every five cash dispensers in the UK now charge - taking a total of pounds 60m from us each year.
The introduction of cash card access to a more sophisticated network of cash dispensers is part of our strategy to offer customers a variety of ways to access their money through an increasing number of channels.
Thoroughly pursing space-saving, the width of ATM21SX is the same size as a general cash dispenser and 30% smaller than the ATM21S, while holding up to 7,000 banknotes.
A lock on the employees' entrance had been broken and the back of the cash dispenser forced open with a crowbar and the cash box containing 11.
A bank yesterday appealed to customers to return extra money they may have unexpectedly been handed when a cash dispenser paid out double.
The man got more than he bargained for when he confronted the defiant 50-year-old at a cash dispenser in Nuneaton town centre.
The guard had just got out of his van and was about to fill up a cash dispenser just inside the Yorkshire Building Society on Northgate in Cleckheaton when the thieves struck at 7.
The incident took place in Nuneaton town centre as the woman was about to withdraw money from a cash dispenser outside Lloyds TSB Bank in Coventry Street, opposite Nuneaton Town Hall and near the entrance to the town's Rope Walk shopping centre.