Automated teller machine

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An automated teller machine (ATM), also known as a automated banking machine (ABM) or Cash Machine and by several other names (see below), is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller.

On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip, that contains a unique card number and some security information such as an expiration date or CVVC (CVV). Authentication is provided by the customer entering a personal identification number (PIN).

Using an ATM, customers can access their bank accounts in order to make cash withdrawals, credit card cash advances, and check their account balances as well as purchase prepaid cellphone credit. If the currency being withdrawn from the ATM is different from that which the bank account is denominated in (e.g.: Withdrawing Japanese Yen from a bank account containing US Dollars), the money will be converted at a wholesale exchange rate. Thus, ATMs often provide the best possible exchange rate for foreign travelers[1] and are heavily used for this purpose as well.

ATMs are known by various other names including automatic banking machine (or automated banking machine particularly in the United States) (ABM), automated transaction machine,[2] cashpoint (particularly in the United Kingdom, where it is a trademark of Lloyds TSB), money machine, bank machine, cash machine, hole-in-the-wall, autoteller (after the Bank of Scotland's usage), cashline machine (after the Royal Bank of Scotland's usage), MAC Machine (in the Pittsburgh and Philadelphia areas), Bankomat (in various countries particularly in Europe and including Russia), Multibanco (after a registered trade mark, in Portugal), Minibank in Norway, Geld Automaat in Belgium and the Netherlands, and All Time Money in India.


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