What Is ATM (Automated Teller Machine)?
Definition
A machine that lets you withdraw cash, check your balance, and make deposits using a debit card and PIN. Available 24/7.
Example: "I used the ATM at the grocery store to withdraw $60 for the weekend."
Why It Matters
ATMs give you access to your money anytime without visiting a bank branch during business hours. Most banks maintain a network of fee-free ATMs, but using an out-of-network machine can cost $2 to $5 per transaction, and your own bank may add a surcharge on top of that. To avoid fees, use your bank's app to find network ATMs nearby, or choose a bank that reimburses ATM fees. Many people also use ATMs to deposit checks and cash when mobile deposit isn't available.
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