Skip to main content

What Does ATM Stand For?

Answer – ATM stands for Automated Teller Machine.

Explanation:

ATMs are electronic banking outlets that allow customers to complete basic transactions without the aid of a branch representative or teller. These machines are typically found in banks, grocery stores, gas stations, and other public places.

A person can perform the following functions using an ATM machine:

Withdraw cash
Deposit checks or cash
Check account balance
Transfer money between accounts
Pay bills

Hancock-Whitney ATM machine in Carrollton, New Orleans — An ATM machine is a self-service banking machine.
Image credit: Infrogmation / Wikimedia Commons (licensed under CC BY-SA 4.0)

Popular Questions

Find the present value in pesos, of a perpetuity of P15,000 payable semi-annually if the money is worth 8% compounded quarterly.

Which of the following may not raise money for the government? (A) Power of taxation, (B) Police power, (C) Power of eminent domain, or (D) Privatization of government’s capital assets.

Jeanelle is planning to borrow money amounting to ₱ 250,000.00. Limbon Rural Bank is offering 1.25% compounded semi-annually, while Buli Cooperative Bank offers 1% compounded monthly. How much will be the maturity value after 5 years if he borrows from Buli Cooperative Bank?

A friend asks to borrow $50 from you and in return will pay you $53 in one year. If your bank is offering a 6.2% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $50 instead.

Textbook Solutions

SHOW MORE TEXTBOOK SOLUTIONS+