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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
Checking Account
A type of bank account that allows the owner to deposit, withdraw, and manage their money using checks, debit cards, and electronic banking services.
Trust
A legal arrangement in which one party transfers ownership of property to another person or entity to be managed for the benefit of a third party.
Insufficient Funds
A situation in which an individual or institution does not have enough money in their account to cover a transaction or withdrawal.