What is Automated Teller Machine (ATM)?
Automated Teller Machine (ATM) also known as a cash machine, is a computer-controlled terminal with an electronic telecommunications device located on the premises of financial institutions or elsewhere through which allows customers 24-hours access to their bank credit or deposit accounts in order to make a variety of financial transactions such as payment of bills, cash withdrawals, balance checks, or credit mobile phones, without the need for a human cashier, clerk or bank teller.
Understanding Automated Teller Machine (ATM)
Other terms sometimes used to describe such terminals are Customer-Bank Communications Terminal (CBCT) and Remote Service Unit (RSU). Groups of banks sometimes share ATM booths.
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.
Automated Teller is a computerized machine used for banking transactions operated through officially assigned plastic cards enabled by magnetic chips with the help of Personal Identification Numbers (PINs).
Practical Example
Janice needs to withdraw some money from her bank account but it is already too late to go to the bank. It is an emergency and she is looking for an ATM booth. She had to drive two miles before she could get one that accepts her card in a deserted area.
She puts it in the slot careful to place it correctly and puts in her desired amount and the PIN and the machine dispensed the cash right then and there.
In Sentences
- Geller dropped his ATM card somewhere inside the tour bus unless someone has stolen it.