Q:

What does ATM stand for?

A:

Quick Answer

ATM is an abbreviation for automated teller machine. These telecommunications devices allow card-holding banking customers access to their accounts and funds at any time and in places outside of their institution's branches.

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What does ATM stand for?
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Full Answer

Conceptualized as far back as 1939, the first modern ATM was invented by John Shepherd Barron and installed in a branch of Barclays Bank in North London in 1967. This and other early machines were not linked to their banks' computer systems and issued funds in exchange for vouchers. Since then, ATMs have become a part of a global banking network, with machines and cards that have been standardized, and allow customers access to their money at almost any time or place around the world.

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Related Questions

  • Q:

    How much money is in an ATM?

    A:

    "Time" reports that the average ATM can hold as much as $200,000. It is noted that while an ATM can hold up to $200,000, many ATMs contain less money, particularly during the evening. While a business or bank is closed, the ATM may contain as little as $10,000 or less.

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  • Q:

    How does an ATM function?

    A:

    An ATM functions as a data terminal that connects to a host computer and bank computer through a network connection. A typical ATM has four output and two input devices connected to it. An ATM can function through either a dial-up or leased-line connection.

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  • Q:

    How do you withdraw money from an ATM?

    A:

    In order to withdraw money from an ATM, you'll need to insert the ATM card provided by your bank and use your personal identification number (PIN) to access your account. Once you've accessed your account, you can decide which account to draw from and how much you'd like to draw.

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  • Q:

    How much money can you take out of an ATM?

    A:

    The amount of money people can take out of an ATM depends on the card issuer. Because each bank places its own limits, some cap the amount at $500, while others cap at $1,000. Cardholders who have reached their daily limit can wait 24 hours and get additional money from the ATM.

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