Automated Teller Machines (ATMs)

Automated teller machines (ATMs), also known as cash machine is an electronic telecommunications device that allows a customer of a financial institution 24-hours access their bank deposit or credit accounts in order to make a variety of financial transactions such as payment of bills as well as cash withdrawals, check balances, or credit mobile phones, without the need for a human cashier, clerk or bank teller.

 In addition, if the bank’s ATMs are part of a bank network, retail depositors can gain direct nationwide, and in many cases international, access to their deposit accounts by using the ATMs of other banks in the network to draw on their accounts.

ATM - Automated teller machines through which a bank customer can access his or her deposit account, make loan payments, or obtain information and other services.

Automated Teller is a computerized machine used for banking transactions, e.g. depositing or Machines (ATMs) withdrawing money, making balance/ transaction inquiries and transfers; operated through magnetic plastic cards with the held of personal identification numbers (PINs).

Share it:  Cite

More from this Section

  • Credit Derivatives
    Credit derivatives are financial contacts that are designed to protect a bank or other ...
  • Forward transaction
    Forward transaction is a transaction that involves the exchange of bank deposits denominated ...
  • Asynchronous Transfer Mode (ATM)
    Asynchronous Transfer Mode (ATM) is a WAN technology that uses fiber-optic media to support ...
  • Parallel market
    Parallel market refers to an unofficial foreign exchange market tolerated by a government ...
  • Gross premium
    Gross premium is an amount paid by the insured, consisting of the gross rate multiplied ...