Term of the Moment
Internet
Redirected from: automated teller machine
Definition: ATM machine
(Automatic Teller Machine machine) A banking terminal that accepts deposits and dispenses cash. ATMs are activated by inserting a cash or credit card that contains the user's account number and PIN on a magnetic stripe. The ATM calls up the bank's computers to verify the balance, dispenses the cash and then transmits a completed transaction notice. The word "machine" in "ATM machine" is redundant but widely used. See Bitcoin ATM and cashless ATM.
The Money Machine
Rubber rollers move one bill at a time from the currency box (each holds about 2,000 bills) to the dispenser area. A sensor determines if two or more bills are stuck together or if the wrong denomination was pulled and causes them to be inserted into the reject box.