Cash Machine ATM

Cash machines are often referred to as cash dispensers or hole in the wall machines. Cash machines are a cross between a cash till and a computer which enable users to access their bank accounts and carry out transactions such as withdrawing cash.

The first cash machine in the United Kingdom was introduced by Barclays Bank in 1967 outside its Enfield branch. Cash machines can be found in supermarkets railway stations motorway service areas and convenience stores.

Customers can usually withdraw cash free of charge using a debit card linked to their current account. But there will be charges if you use a cash machine ATM operated by an institution with which your bank does not have a reciprocal arrangement.

Whichever cash machine ATM you use if you draw cash using a credit card you will pay a charge. Security is taken care of by individual users using a Personal Identification Number PIN that is known only to them. But there have been odd security question-marks over ATMs with some users claiming phantom withdrawals.

The main ATM network in the UK is the LINK organisation which includes all the major banks and building societies in the country.

Typically the machines can be used to

• withdraw cash - typically up to £300 but more for gold card users.
• get an account balance
• order statements & cheque book
• Some ATMs permit you to pay money in.

telephone banking service or online banking service.

See Also Investment Centre

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2009-02-17 00:00:00 © Moneyextra.com