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Automated Teller Machine (ATM)

Category: Finance

First Invention: 1967 (John Shepherd-Barron)

Country of Origin: UK

Reviews:

5/5

What does ATM mean?

An electronic banking outlet that allows customers to complete basic financial transactions without the need for a human teller.

Interesting Facts about ATM

1

ATMs can be used to withdraw money, check account balances, and transfer funds between accounts.

2

Modern ATMs allow for cash deposits and bill payments.

3

They are a critical part of the global banking infrastructure, providing 24/7 access to funds.

Frequently Asked Questions

Q: How do ATMs work?

ATMs use a combination of card readers, PIN numbers, and bank authorization to allow transactions.

Q: Can ATMs be used to deposit checks?

Yes, many ATMs now have the functionality to deposit checks and cash.

Q: Are there fees for using an ATM?

Fees can apply, especially if using an ATM outside your bank’s network.

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