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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
Asset
A resource owned by an individual or organization that has economic value, such as cash, investments, and property.
Available Credit
The amount of credit currently accessible on a credit card or line of credit. It is the amount that can be borrowed and used for transactions.
Stale-Dated Check
A check that has not been cashed or deposited within a certain period of time, usually six months, and is considered to be no longer valid.