ATM & Debit Cards

 

ATM - Automatic Teller Machine Card

When you have a checking account (sometimes even special high yield saving accounts) you might qualify for an Automatic Teller Machine Card (ATM), which allows you to withdraw cash from a machine.  Most ATM machines at a bank will also allow you to deposit money, transfer money and check your account balance.  These ATM cards are debit cards.  Before an ATM machine dispenses cash, it checks to see if you have adequate funds available for that amount.  If not you won’t be able to make a withdrawal.  Your bank will also limit the amount of cash you can withdraw on a given day, which may be as small as $100 or it could be as large as $1,000 (or more), regardless of how much you have in your account.  This will be based on the type of account you have and the amount of money you keep in the bank.  Check with your bank.  The amount you can withdraw can be negotiated.  Note:  all ATM machines are not programmed the same way.  Some ATM machines might have different amounts of money you are permitted to withdraw.

When the bank issues you an ATM card they will also issue you a PIN number, Personal Identification Number (for security).  Most banks will allow you to change your pin number to one that you find easy to remember.  Never give your PIN number to anyone else!  When you go to an ATM machine you will need to insert your ATM Card and type in your Pin Number.  If you enter the wrong number more than two or three times the machine will shut down and you will not be able to make any transactions.  The machine might also capture your card.  Although machines are different, most only allow you to make withdrawals in $20 denominations (some occasionally $10). Be careful of ATM fees!