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automated teller machine

Also known as: ATM

Quick Summary

An automated teller machine (ATM) is a computerized electronic device that allows customers to perform basic banking transactions, such as withdrawing cash or depositing checks, without the need for a human teller. ATMs first appeared in the mid-1970s. While convenient, using an ATM, especially one not affiliated with your bank, can incur fees. These fees can include out-of-network charges from your bank and operator fees from the ATM owner. To avoid these costs, it's best to use ATMs within your bank's network or choose a bank that offers ATM fee reimbursements.123

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