An automatic teller machine (ATM), more commonly called an automated teller machine, is an electronic terminal that lets customers access certain banking services without a bank employee handling the transaction. Its defining everyday function is dispensing cash; some machines also accept deposits or provide other account services.
What does ATM stand for?
ATM commonly stands for automated teller machine. “Automatic teller machine” is also a common expansion. In either case, the term refers to a self-service banking terminal rather than a human teller.
What can you do at an ATM?
Cash withdrawal is the core service associated with ATMs. Depending on the machine, its operator, the account and local rules, customers may also be able to deposit cash or checks and carry out other account transactions. Not every ATM offers every service. The U.S. Treasury Financial Manual describes an ATM as an unattended electronic machine connected to a data system and related equipment for cash withdrawals and other banking services (Treasury Financial Manual); the Federal Reserve’s Regulation CC definition also includes cash and check deposits and other account transactions (Federal Reserve, Regulation CC commentary).
How do customers access one?
A bank card and personal identification number (PIN) are a common way to access an ATM, but they are not universal requirements. In its India-focused guidance, the Reserve Bank of India describes card-and-PIN use and also notes that cardless withdrawals are allowed (RBI ATM FAQ).
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What do “on-us” and “off-us” mean?
In the RBI’s terminology, an “on-us” transaction takes place at the card-issuing bank’s own ATM. An “off-us” transaction takes place at another bank’s ATM or at a white-label ATM. These labels describe the network relationship in that India-focused context; they are not necessary to the general definition of an ATM.
Is an ATM the same as a cash machine?
In everyday speech, yes: “cash machine” is a common name for an ATM, and people often use “ATM” for a cash-only dispenser. The legal meaning can be narrower or more specific, however, and depends on the rule being applied.
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- Automatic Coin Recognition - The coin slot can read each coin, it will count and display what the coins have been deposited and add it to your balance, which helps you to track the balance intelligently.
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The U.S. Regulation CC definition
Under U.S. Regulation CC, an ATM is an electronic device at which a person may make cash or check deposits and perform other account transactions. The Federal Reserve’s official commentary says that a cash-only dispenser, point-of-sale terminal, night depository and lobby deposit box do not meet that regulation’s definition (Federal Reserve, Regulation CC commentary). This is a U.S.-specific regulatory boundary, not a universal definition: the RBI, for example, describes ATMs more broadly as providing account access, cash dispensing and other services (RBI ATM FAQ).
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How did ATMs develop?
The Federal Reserve Bank of Boston reports that ATMs first appeared in the United States in 1968. Its historical account traces development from basic cash dispensing to machines able to scan checks, dispense precise amounts and connect customers by video to a service representative (Federal Reserve Bank of Boston, 1999). This account describes U.S. developments; it does not establish which machine was the first ATM worldwide.
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In a 2021 retrospective, former Federal Reserve Bank of Atlanta payments risk expert David Lott described how networks and off-premises locations expanded access while cash dispensing remained central. The Atlanta Fed reported that more than 60 percent of machines in the United States were owned and operated by nonfinancial institutions at that time; that is a 2021 figure, not a current estimate (Federal Reserve Bank of Atlanta, 2021).
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