Term of the Moment

libre software

Look Up Another Term

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 the term "ATM machine" is certainly redundant, but widely used. See Bitcoin 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.