ATM

Using an ATM

Most bank customers are given an ATM card when they open a checking or savings account. ATM cards can used to access your finances without having to use a teller in a bank.

Just like a credit card, an ATM card has a magnetic strip on the back that is read by the machine. Although you usually sign the back of an ATM card, it can only be used with a personal identification number, often called a PIN, which the customer chooses. When you put your ATM card into a machine and enter the correct PIN, you can access your corresponding bank account and make transactions.

In recent years, banks have begun charging fees to ATM users. Although you can usually use your bank’s ATMs for free, using one from another bank can cost you as much as $2. Since your bank may also charge you a fee when you use another company’s ATM, these fees sometimes outweigh the convenience of using the machine. Fortunately, most banks offer a locator tool on their website, so you can always find an ATM close to you.

As the popularity of ATMs has increased over the years, so has their accessibility. ATMs used to only be located outside of banks, but they can now be found in most shopping centers, convenience stores, sporting complexes, and medical centers. Many financial institutions also offer drive-up ATMs so you can access your account without having to find a parking space.

Many ATMs now function as more than just a direct line to your bank account. You can often buy stamps and pay some bills, like local utilities, from an ATM. Since the money is automatically deducted from your account, you don’t have to spend time writing a check or making an extra trip to the post office.

ATM Safety

While ATMs are an easy way to access your bank accounts, it can also be a gold mine for a criminal who picks up your misplaced card. Make sure that your card is always kept in a safe place and never write your PIN on your card or keep it in the same place as your card. Since many ATM cards also double as debit cards for retail purchases, you need to sign the back of the card to avoid credit card fraud.

Always use your best judgment about using an ATM and consider the following safety guidelines:

• Only use ATMs that are located in well-lit areas.
• Have your transaction, including any deposit envelopes, ready before you get to the ATM.
• Guard your PIN by standing close to the machine as you enter it.
• Don’t use an ATM if someone is loitering nearby. Instead, go into the bank or find another ATM you can use.
• Count your money and put your card away after you get back in your car and lock the doors.
• Take your receipt with you to file or shred it before disposing of it at home.
• When using a drive-up ATM, keep your doors locked and the passenger windows closed. You should also try to angle your car so there is not much space between the vehicle and the ATM to prevent anyone from walking up to your door.

Manage Your Money Through the ATM

The ease and convenience of using an ATM and an ATM card is quite an evolution in money management. Try using the ATM to monitor your cash withdrawals and regulate how much you spend within a month. You can also choose to not carry large sums of cash, rather visit ATMs before travel or a large shopping expedition.

Most banks offer ATM cards that also act like a credit and/or debit card for purchases, with the amount deducted from your bank account. While you still might have a certain interest rate if you choose a credit card option, many individuals find having only one card to be a simple method for a variety of money transactions.

Talk with a bank representative about all the benefits, fees, and options available with their ATM card. This form of electronic money handling may prove to be a great asset for you.

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