How does an ATM work?

Answer 1

With an internet connection to a transactional database on a server that is owned and operated by your banking institution (or a paid contractor).

Answer 2

The ATM process is relatively simple. The ATM owner creates profit through the usage of the ATM. When an ATM customer withdraws money, that customer is charged a surcharge or transaction fee. The amount varies, but the standard amount is $1.50. The ATM owner is rebated a percentage of the surcharge. G. W. Jenkins & Company rebates 100% of the surcharge back to the ATM owner which means that an ATM owner will receive the full $1.50 transaction for that terminal. G. W. Jenkins provides a monthly report of all transactions along with a monthly rebate check.

The actual process of the ATM is as follows:

An ATM customer inserts their card, the ATM will dial-up MAC, which will then contact the cardholders bank to authorize the withdrawal request, the cardholder’s bank will authorize the withdrawal and MAC will authorize the ATM to dispense the requested amount, the ATM will dispense that amount. MAC will then wire transfer the amount withdrawn to the merchant’s settlement bank account. (G. W. Jenkins recommends that the merchant establish a dedicated ATM checking or settlement account) The wire transfer of funds is completed by 2 p.m. the following day, the only exception will be the weekends when the banks are closed, and the ATM owner’s bank receives those funds on Tuesdays. Many competitors will not transfer the funds to the settlement bank for several days. This will cause the merchant to have a substantially larger cash inventory.

The ATM owner therefore only needs a small cash inventory. Usually, the necessary cash inventory is between $2,000.00 and $5,000.00. The ATM owner will replenish the ATM cash as often as necessary, usually 2 times per week. Tuesdays and Fridays are the standard days. The standard denomination used in ATMs is a $

Answer 3

Automated Teller Machine is linked to a main computer of the bank which keeps updating the accounts of all its accountholders. So, the bank has to be online for proper functioning. Whenever a person withdraws, ATM wirelessly checks with the server computer of the bank whether there is a balance available in the respective account. And if found sufficient balance, then the transaction is started and completed by deducting that money from its account and delivering it to the ATM cardholder. Transaction at the server is complete when it debits and credits at the local level.

Answer 4

An ATM is an Automated Teller Machince.You have to have a checking or savings account at a bank.You withdraw money from a machine with a debit card or ATM card. But only if you have the money in a account.

Answer 5

Open and deposit money in a bank, apply for and receive an ATM card from the bank you deposited money in. When you receive your ATM card you can withdraw your money from an ATM or deposit more money into your account. You will select a pin number that you can remember. Is this the kind of ATM you are talking about ?

Answer 6

it has got the bank's best cashier inside sitting on a chair, ( A stunt to show off the service readyness), counting bank notes and sometimes refusing you the money wich you own.

Answer 7

you put your card in a specific slot or swipe it it makes a transaction after getting your security code and matches your account information

Answer 8

you slide in your card. ask for your PIN.. ask for the amount you want to withdraw.. ask if you want a receipt.. in short.... Its just a machine

Answer 9

electronic connections.