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ATM card

ATM cards are used to deposit and withdraw cash at an ATM. Bankrate explains.

What is an ATM card

An ATM card is a used to access an ATM. Virtually everyone who has a checking account also has a card that can be used at an , in the form of a or . However, some banks also issue ATM-only cards, which can’t be directly used for making purchases.

Deeper definition

When someone opens a account with a bank, she’ll frequently be given a payment card to access the funds in the account. In most cases, the card will be a debit card or , or, in the case of a line of credit, a . In addition to making purchases, all of these cards function as ATM cards, meaning that they can be used to withdraw funds at an ATM. Some banks may issue an ATM-only card, which can’t be used to make purchases; it can only be used to perform regular ATM functions, although some exceptions apply, such as when the payment processing company has a terminal installed at the retailer. All debit cards are ATM cards, but not all ATM cards are debit cards. As with other payment cards, ATM cards are secured with a . ATMs allow customers to deposit and withdraw cash as well as check their balance, but customers may have to pay a fee when using an ATM card at an ATM not associated with the issuing financial institution. Get using Bankrate’s comparison tool.

ATM card example

Scott just opened up a new checking account at a local branch of a bank. After making an initial deposit, the bank gave him a debit card to use to make purchases as well as use at an ATM. He can use the card at any ATM, but he gets assessed a $3 fee every time he uses it at the ATM of another bank.

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