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ATM
An Automated Teller Machine (ATM) is a machine that allows bank or credit union customers to make deposits, withdrawals, and other transactions.
More Details
An ATM, or Automated Teller Machine, is a machine that allows bank account holders to perform financial transactions without the need for a human teller. Using an ATM, an individual can withdraw cash, deposit money, check their account balance, and transfer funds between accounts.
Example
You would like to take money out to attend a farmers market in your town. Therefore, you visit an ATM and take the amount of cash out you think you will need. But before leaving, you take a look at your account overview to gauge how much funds you have left in your account for the future.
Related Terms
Returned Item Fee
A fee that is charged to a bank account holder when a check or electronic payment they have made is returned unpaid.
Escrow Funds
Funds that are held by a third party on behalf of two parties in a transaction and are released when the terms of the transaction are met.
Overdraft
A situation in which an account holder writes a check or makes an electronic transaction for more money than is available in their account.