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Adobe Stock September 29, 2022 Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Brian Beers is the managing editor for the Wealth team at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. An automated teller machine (ATM) is a specialized computer that allows you to complete bank transactions without the need to see a bank representative. Many ATMs are conveniently accessible any time of day or night and can be used for everything from withdrawing or depositing money to to transferring money between accounts. Here we’ll delve deeper into what an ATM is, common transactions performed at ATMs and important things to know before using them. What is an ATM
ATMs are machines that dispense cash and allow you to make other banking transactions. An ATM typically consists of a screen, a card reader, a keypad, a cash dispenser and a printer. ATMs can be found in many locations throughout the U.S. and the world. On-premise ATMs are located at financial institutions such as and , while off-premise ones are commonly offered at places like airports, grocery stores and gas stations. Using an ATM simply involves inserting your bank-issued ATM card, entering your PIN and following the prompts on the screen to complete your desired transaction. Examples of ATM transactions
Various common banking transactions that are often carried out at an ATM include: Withdrawing cash
The most common ATM transaction is the withdrawal of funds from one’s account. Banks typically impose limits on the maximum amount that can be taken out each day. This amount can vary from bank to bank, as well as among different accounts offered by a single bank. Depositing money
Account holders can often use an ATM to deposit cash or checks. When making this type of transaction, you’ll be asked to insert the funds into a slot in the machine. When money is deposited in the form of a check, the bank sometimes might not provide you with access to the funds until the check has cleared. Transferring funds
You may be able to use an ATM to transfer money between accounts you hold with your bank. For instance, if you wish to transfer $200 from your savings account to your checking account, this can often be done by selecting the “transfer” option at the ATM. Like balance inquiries, transferring funds between accounts is also something you can accomplish using your or website. Balance inquiries
You can also visit an ATM to view your current account balance. This feature may come in handy if you wish to know how much you’re able to spend when using your or . Alternatively, your account balance is something you can view by logging onto your bank’s mobile app or website. Knowing your balance can help you keep from overspending or . Access to transaction history
While viewing your monthly account statement is not an option at ATMs, some banks allow customers to use the ATM to see a small list of their recent transactions. What to watch out for with ATMs
ATM fees
Using an ATM that’s not owned by your bank, or one that’s not in your bank’s network, may result in fees imposed by both your bank and the bank that owns the ATM. The combined average fee is currently $4.66, which is at a three-year high, according to Bankrate’s 2022 . Ways to avoid ATM fees include only using ATMs in your bank’s network and requesting cash back when you make purchases at a grocery store or other retailer. ATM withdrawal limits
As we’ve mentioned, banks impose limits on the amount of each day. This can help curb fraud in the event someone has possession of your ATM card and knows your PIN. What’s more, limiting the amount per withdrawal allows the bank to manage cash movement, since each ATM only holds a limited amount of money. Location and safety
Ways to avoid becoming a victim of crime when using an ATM include using machines that are located in well-lit public places. Use your hand or body as a shield when entering your PIN to prevent others from seeing you type it. Once you receive your cash, instead of counting it at the ATM, wait until you’re in a more private location — such as your car — to do so. Bottom line
ATMs often conveniently provide access to cash on a 24/7 basis, without the need to see a teller or other bank representative. They also commonly offer the ability to deposit funds, check your balance and transfer money between accounts. ATMs make your cash more accessible and are quick and easy to use, once you’re aware of things like withdrawal limits and ways to avoid paying fees for using ATMs. SHARE: Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Brian Beers is the managing editor for the Wealth team at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money. Related Articles