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ATMs - AUTOMATED TELLER MACHINES
There are literally millions
of ATM machines located all over
the world. They allow you to
have access to your cash 24
hours a day, seven days a week.
Automated teller machines also
allow you to check your account
balances, make transfers between
your accounts and/or deposit
funds. With the progression of
technology, ATMs are offering a
broader spectrum of services and
functions for cardholders, i.e.
online bill payment options.
When you open a checking
account, your bank will provide
you with an ATM card so that you
can withdraw money at your
convenience, avoiding trips to
and waits at the bank. When
debit cards were first
introduced, you could only use
them at ATMs. Now, these cards
offer a debit feature, allowing
consumers to pay for purchases.
All
debit cards will have either
a MasterCard or Visa logo. You
can use your card wherever
MasterCard or Visa are accepted.
These card function similarly to
credit cards. However, you can
only charge as much as you have
cash in your account. Also, the
money is instantly deducted from
your account, whereas you can
pay for your credit card
purchases when you want.
The convenience of ATM cards
come with significant fees. For
example, if you use an ATM
machine to withdraw cash, that
is not your bank, you will be
charged a
fee as much as $3.00 per
use! The best way to avoid ATM
fees is to become a bank member
with a popular bank, like
Citibank, Bank of America,
Wachovia, etc.. It won't be too
difficult for you to find bank
locations that are conveniently
located in close proximity to
your home, work, etc.. Also, try
and plan ahead and withdraw
enough money for you to use for
the week instead of having to
visit the ATM daily.
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