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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
Certified Check
A check that has been certified by the bank as having sufficient funds to cover the full amount, with the bank guaranteeing payment.
Individual Retirement Account (IRA)
A type of savings account designed to help individuals save for retirement.
Secured Credit Card
A credit card designed to help repair or establish credit with a predetermined credit limit secured by a collateral savings account.