ATM
An automatic teller machine or automated teller machine (ATM) is an electronic device that allows a bank's customers to make cash withdrawals and check their account balances without the need for a human teller. Many ATMs also allow people to deposit cash or cheques, transfer money sport ween their bank accounts, top up their mobile phones' pre-paid accounts or even buy postage stamps.
In most modern ATMs, the customer identifies him or herself by inserting a plastic card with a magnetic stripe that contains his or her account number. The customer then verifies his or her identity by entering a passcode (PIN) of four or more digits. If the number is entered incorrectly several times in a row (usually three), most ATMs will retain the card as a security precaution to prevent an unauthorised user from discovering the PIN by guesswork (these cards are sometimes destroyed after being removed from the machine to prevent bank staff from misusing them). In some cases, the customer's PIN may be changed using the machine.
Some ATMs use smartcards to store customer data.
Most ATMs are connected to interbank networks, enabling people to withdraw and deposit money from machines not belonging to the bank where they have their account. This is a convenience, especially for people who are travelling: it is possible to make withdrawals in places where one's bank has no branches, and even to withdraw local currency in a foreign country, often at a sport ter exchange rate than would be available by changing cash. Some examples of interbank networks include Hong Kong's JETCO and the Philippines' Expressnet.
ATMs rely on authorization of a transaction by the card issuer or other authorizing institution via the communications network.
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