Automated Teller Machine (ATM)

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Definition of 'Automated Teller Machine (ATM)'

An automated teller machine (ATM) is a computerized telecommunications device that allows customers to conduct financial transactions without the assistance of a human teller. ATMs are typically located in banks, grocery stores, shopping malls, and other public places.

ATMs allow customers to withdraw cash, deposit checks, transfer funds between accounts, pay bills, and check account balances. They also offer a variety of other services, such as bill payment, check cashing, and foreign currency exchange.

To use an ATM, customers typically insert their debit or credit card into the machine and enter their personal identification number (PIN). They can then select the transaction they want to perform.

ATMs are convenient and secure ways for customers to conduct financial transactions. They are available 24 hours a day, 7 days a week, and they do not require customers to wait in line for a teller.

ATMs are also very secure. They are equipped with security features such as cameras, alarms, and biometric scanners. These features help to protect customers from fraud and theft.

ATMs have become an essential part of the financial landscape. They offer customers a convenient and secure way to conduct financial transactions.

Here are some additional details about ATMs:

* ATMs were first introduced in the United States in the early 1970s.
* There are now over 3 million ATMs in the world.
* ATMs are used to conduct over $1 trillion in transactions each year.
* ATMs are becoming increasingly sophisticated. They now offer a variety of features, such as the ability to deposit checks, pay bills, and exchange currency.
* ATMs are a convenient and secure way for customers to conduct financial transactions.

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