Automatic Teller Machine (ATM)
An Automatic Teller Machine (ATM) is a machine permitting a bank’s customer to make cash withdrawals at any time and without a human teller.
ATMs have a wide variety of names such as: Automatic Teller Machine, Automated Banking Machine, Hole-in the wall, cash dispenser, and some other names.
ATMs allow people to deposit cash or check, check their account balances, transfer money between their bank accounts, and many others.
In modern, ATMs, customer authenticate themselves by using a plastic card with a magnetic stripe. It encodes the customer’s account number. By entering a passcode called a PIN (Personal Identification Number), a customer can make withdrawals. If the customer enters it incorrectly several time in row, most ATMs will retain the card as a security precaution.
Most ATMs are connected to interbank networks. It enables the customers to withdraw in place where their bank has no branches. Beside, it is also possible to withdraw local currency in a foreign country. Most banks change a fee for the use of their ATMs by non-depositors. Nowdays, many banks place ATMs in grocery stores, shopping malls, and others locations.
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