What is ATM or Automated Teller Machine?

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.

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What do I need to use it?

Well, you would need a debit card, your password which is called a PIN, which stands for Personal Identification Number. There’s 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!

Podcast: What is ATM or Automated Teller Machine

ATM or Automated Teller Machine
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