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E A T U R E A R T I C L E
How to use an ATM |
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Automatic teller machines (ATMs), or cash
machines as they are commonly called, are the most convenient method to
access cash in the US. To use the machine you must have an ATM card for
your bank account or other credit card. The machine will allow you to withdraw
money from an account or charge against your credit card. Your credit card
might start charging interest on the money you withdraw right away, instead
of giving you the typical 30-day grace period for purchases, so check your
card's rules before using.
ATMs are found everywhere, usually outside of banks, and also in airports,
grocery and convenience store, and shopping malls. Each ATM will be associated
with a bank, but you can use any machine that is part of your bank's "network."
Look for network symbols on the back of your card, such as "CIRRUS." Your
card can be used in any machine displaying these same symbols. Beware that
if you use an ATM that is not owned by your bank, you may be charged a
fee. Some banks even charge their own customers for use of their ATMs.
This fee can be a few cents or more than a dollar, but most people think
the convenience is worth it.
ATM debit cards can be used just like credit cards in many gasoline
stations, discount stores, grocery stores, some restaurants and department
stores. But remember that the amount of your purchase will be immediately
deducted from your account balance. You'll want to keep a record of your
card use.
How to get cash from the ATM:
After inserting the ATM card in the machine, it will ask for your PIN
(personal identification number); once your PIN has been confirmed, you
will need to select a transaction (usually deposit, withdrawal, or account
balance inquiry), and the type of account you would like to access (checking,
savings, or money market). You will then be asked to confirm the transaction.
You get a receipt and your cash, if you make a withdrawal. If you make
a deposit, you will need to put the money in an envelope, and place it
in the deposit slot. You will then be issued a receipt. Finally, you will
be asked if you would like to make another transaction. When you are finished,
don't forget to take your card! The machine will "beep" to remind you.
If you are making a withdrawal, keep in mind that ATMs usually distribute
only twenty dollar bills; very occasionally, you will see one that distributes
fives and tens. There is usually a limit to the amount of cash you can
withdraw from ATMs in one day, usually about $200.
Safety rules
PIN
When you get an ATM card, you will select your own PIN. PINs are usually
four digits. Try to make it easy to remember, but not so easy that someone
else could figure it out and use the card. It's probably a mistake to choose
1234, your birthday, your address, etc. Memorize your PIN. Don't write
it on your ATM card or anywhere in your wallet. Do not tell your PIN to
anyone.
At the ATM
Have your card ready when you approach the ATM. Don't spend any extra
time at the machine; put your cash in your pocket & walk away; you
can put it away in your wallet after you've left the area.
If you are making a deposit, fill out the envelope ahead of time. Be
aware of your surroundings while using an ATM; don't let anyone see your
PIN. Leave immediately if there is anyone in the area who seems to be watching
you too closely while you use the machine. At night, choose well-lighted
ATM locations, and ask someone to go with you. If the location doesn't
seem safe, or you feel uncomfortable there, leave.
Be courteous of others using the ATM - give them room so that they do
not feel uneasy.
Keep your receipt to compare against your monthly statement in case
there's an error.
Don't forget to take your card when you leave! If you lose your card,
report it to your bank right away.
By Susan Ernenwein and Alice Hoover
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| Definitions |
transaction - the act of conducting business with your
bank, such as
taking money out of your account
PIN - "Personal Identification Number," a number that
you choose for your ATM or credit card that allows you to use ATM cash
machines
get cash (out) - to take out or withdraw money from your
bank account
account balance - the amount of money that is in your
bank account at any
point in time
checks - booklets of written orders that authorize your
bank to pay an amount with money in your account. You write in the name
of the person who receives the money and the amount of payment, and sign
your name. Checks are a common way to pay for large purchases, apartment
rental, electricity, credit card and other bills, and given as gifts at
weddings, birthdays or other special occasions. Most Americans receive
pay for their jobs in the form of a check - called a "paycheck."
checking account - a bank account that allows you to withdraw
money and
make payments by writing checks
bank statement - a list of all account transactions, such
as deposits and
withdrawals, that have occurred during the month. Use
your statement to help you keep records of how you are spending your money,
and to check for errors. |
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