How Do ATM Machines Work?

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ATM machines work by taking a credit or debit card into the machine, requiring a PIN code and allowing a user to withdraw money in different amounts. Be mindful of time increments when using an ATM machine with advice from a registered financial consultant in this free video on ATM machines.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser Patrick Munro talking about how do ATM machines work. ATM machines are available in a wide variety of locations, most notably in bank law, these are outside bank buildings. Of course, you take your credit card or debit card, which has a PIN number, and introduce it into the entry port of the machine. The machine automatically pulls up who you are and it requires you to enter this four-digit PIN code to move forward into the menu. Once you move into the menu, you can press different buttons to deposit money, most notably withdraw money, in different amounts, and then the machine will present you back your card and also a receipt for the transaction. Always be mindful that you have to be focusing on what you are doing, because there are time increments involved and if you don't take your credit card out of the machine once it is presented back to you within 20 seconds, the machine will withdraw the card back into the machine and you will no longer have access to your card. Many people are talking on cell phones will actually walk away from the ATM machine, leaving the cash in the drawer, so always be focused on the task at hand. Although it's an ATM machine, this is your money. This is Patrick Munro, talking about how an ATM machine works.


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