An Automatic Teller Machine card or ATM card looks like a credit card. But an ATM card is different. It is only used to get cash. An ATM card has your name and your bank’s name on it. It may have your account number on it. It can only be used at an ATM machine. An ATM card can not be used to buy items in a store.
The ATM card will have a PIN number that you will need to remember. A PIN number is a secret number needed to use your account.
You will put the card into an ATM machine.
Then you will enter your PIN. Next you will enter the amount of money you would like to take out of the bank. Many ATMs charge a fee to use them. Record how much money you take out of your account. Write the amount of money you took out in your check register
One of the most rapidly changing parts of the payments system is the ATM and debit card industry. Recent developments include the sharp growth in point-of-sale debit card transactions, the intense competition between online and offline debit, and new pricing structures and strategies. There also has been a heavy consolidation of regional EFT networks and third-party service providers, and a growing importance in the nonbank ownership of networks.
The Wal-Mart–Visa/MasterCard “honor-all-cards” settlement and the proposed First Data–Concord EFS merger are just two examples of the dynamic forces at work in this industry. Associated with the numerous changes in the industry are some key economic and public policy issues. For example, has market consolidation to date been beneficial? What should one think about the trend toward vertical integration and nonbank ownership? Are changing pricing structures having an impact on network access? How is the risk profile of the payments industry changing
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