How Do ATM Cards Work?

Video Transcript

"This is Financial Adviser Patrick Munro talking about, "How do ATM cards work?" ATM cards were debit cards as are known at the bank. Basically it have an embedded chip in them so that they will work with basically all automated teller machines around the world. The most common logos are the Cirrus System on the back of the card and that will allow you to place your card into an ATM machine even if it's not your own financial institution. However if you do so, you have to pay a fee to the hosting organization so that they, they're using their money to give to you in the system. What you do is you place your ATM card into the reader at the machine; make sure you do so in a well-lit area; check the area around you to make sure there's no suspicious individuals hanging around the ATM machine. And make sure you concentrate on what you're doing. You're prompted when you place the card in to do your transaction; that is to say withdraw cash, deposit cash, etc. and there are certain time limitations that allow you to do each task. Make sure you take your cash when it's dispense out of the machine. Also, take your receipt and retrieve your card. If you fail to retrieve your card within a certain period of time, the card will be trapped and put back in the machine as a matter of safety precaution. That's a brief tutorial on how do ATM cards work."