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.
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References in periodicals archive ?
The spokesperson added: "We would take this opportunity to remind people to be vigilant when they're at a cashpoint. Keep your pin covered and put your money away before you leave the cashpoint.
JUDGE TIM GITTINS told her: "This was an unprovoked assault upon a woman unknown to you who simply had the misfortune of waiting in line at a cashpoint because she needed some money to get a taxi home that evening.
Get family or friends involved and share your earnings together: Passengers can pool their CashPoints with up to seven friends or family members into one account by opening a Family Account, which can give them greater spending power.
In many of the incidents, not-so-Good Samaritans pounced when someone had walked away from the cashpoint without their money.
The Treforest cashpoint robbery happened at 11pm on December 28 last year.
The number of offences in the city has been steadily increasing since July and official police figures show that so far this month there have been eight cashpoint frauds.
Police said: "A JCB has been used to knock out the cashpoint from the wall and that has been taken away from the scene by means of a flat-back trailer."
Sam Gareth Reece is accused of taking Robert Parry to a cashpoint at High Street in Gwersyllt, on May 23.
Summary: Britain's lowest cashpoint is just 18 inches off the ground.
And the bank, who also own the NatWest, said sorry after their cashpoint, online and telephone banking systems all crashed.