Q:

What does ATM stand for?

A:

Quick Answer

ATM is an abbreviation for automated teller machine. These telecommunications devices allow card-holding banking customers access to their accounts and funds at any time and in places outside of their institution's branches.

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What does ATM stand for?
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Full Answer

Conceptualized as far back as 1939, the first modern ATM was invented by John Shepherd Barron and installed in a branch of Barclays Bank in North London in 1967. This and other early machines were not linked to their banks' computer systems and issued funds in exchange for vouchers. Since then, ATMs have become a part of a global banking network, with machines and cards that have been standardized, and allow customers access to their money at almost any time or place around the world.

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Related Questions

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    How much money can someone withdrawal from an ATM?

    A:

    There is no standard or shared limit for how much money can be taken out from an ATM daily; different banks set separate limits for customers depending on the type of account, and ATM networks have their own restrictions on how much a user can withdrawal at a time. On average, most banks limit withdrawals from ATM machines to $500, with some extending the cap to $1,000 and reducing it to as low as $300, as reported by the Boston Globe.

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    FICO stands for Fair, Isaac and Company, which was the original name of the company that solely uses the abbreviation as its name, as of 2014. Bill Fair and Earl Isaac founded the credit scoring company in 1956.

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  • Q:

    How do you find Wells Fargo Bank locations?

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    Consumers can find Wells Fargo bank locations by using the ATM and Banking Locations tool on the bank's official website. This tool can be accessed by clicking the "ATMs/Locations" tab at the top of the website. Consumers can enter an address, ZIP code or city and state to find locations.

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  • Q:

    How does an ATM function?

    A:

    An ATM functions as a data terminal that connects to a host computer and bank computer through a network connection. A typical ATM has four output and two input devices connected to it. An ATM can function through either a dial-up or leased-line connection.

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