Introduction to Automated Teller Machine or ATM for Kids and Teens
This video explains the concept of Automated Teller Machine in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about ATMs, or used as a money & personal finance resource by parents and teachers as part of a Financial Literacy course or K-12 curriculum.
Suitable for students from grade levels:
- Elementary School
- Middle School
- High School
The topics covered are:
- What is an ATM
- Using a debit card & PIN
- Using credit card at an ATM
- Safety of your money if debit card is stolen
Howdy Wall St. Willy! I heard someone talking about an ATM.
But what is an ATM anyway?
An ATM stands for Automated Teller Machine.
Well, what does it do?
Well, an ATM is used mainly for taking cash out of your bank account. But you can also deposit cash and do some other basic things like print an account statement.
What do I need to use an ATM?
Well, you would need a debit card, your password which is called a PIN, which stands for Personal Identification Number. A PIN is a 4-digit code that you need to enter when you take money out of an ATM.
Well, can I withdraw money if I have a debit card from one bank and the ATM belongs to another bank?
Yes, but you will have an extra charge which is usually $2 to $5. But some banks will waive this charge for a few transactions every month.
Can a credit card also be used in an ATM?
Yes, but you will face a very high interest for cash withdrawals.
Well, if someone steals my debit card, can they take the money out of my account using an ATM?
No. They will need to have your PIN too. And even then, you can just always call the bank and disable your debit card, which means nobody can take money out of your account using that debit card.
Yay!! Thank you very much for telling me about an ATM, Wall St. Willy.
You are welcome, Sooper Cooper. Remember, Finance is Your Friend!
Video Featured in the Below Financial Literacy Courses for Kids & Teens
Download Transcript: Ideal for Use by Teachers in their Lesson Plan to Teach Kids & Teens
Podcast: What is ATM or Automated Teller Machine
Fun, informative and concise episodes by a 10-year old, breaking down complex financial concepts in a way that kids and beginners can understand. Episodes cover personal finance topics like saving, investing, banking, credit cards, insurance, real estate, mortgage, retirement planning, 401k, stocks, bonds, income tax, and more, and are in the form of a conversation between a cowboy (a finance novice) and his friend, a stock broker. Making finance your friend, only at Easy Peasy Finance.
A little bit about me: I have been fascinated with the world of personal finance since I was 6! I love to read personal finance books, and keep myself updated on the latest by reading various personal finance magazines. My friends often ask me questions about finance because they find it complex and intimidating. That’s what inspired me to start my YouTube channel called Easy Peasy Finance when I was 8, and this podcast 2 years later.
Everything you need to know about ATM or Automated Teller Machine: what is an ATM, what does an ATM do, what do you need to use an ATM, can you take out or withdraw money if you have a debit card from one bank and the ATM belongs to another bank, can a credit card be used in an ATM, and more.
Show notes and transcript at: https://easypeasyfinance.com/what-is-atm-or-automated-teller-machine/