Automated Banking Device Law and Legal Definition
Automated banking device refers to a machine which when properly activated by a credit card, debit card, or personal identification code will perform specified banking services.
Banking services of an automated banking device are:
a. dispense money as a debit to the cardholder's savings or checking account;
b. print the cardholder's savings or checking account balances on a statement;
c. transfer funds between a cardholder's savings and checking account;
d. accept payments on a cardholder's loan;
e. dispense cash advances on an open end credit or a revolving charge agreement;
f. accept deposits to a customer's savings or checking account;
g. receive inquiries of verification of checks and dispense information which verifies that funds are available to cover said checks; or
h. cause money to be transferred electronically from a cardholder's account to an account held by any business, firm, retail merchant, corporation, or any other organization.
Legal Definition list
Related Legal Terms
- Abstraction [Banking]
- Access Device
- Accommodation Maker(Banking)
- Account [Banks & Banking]
- Acting in Concert [Banks & Banking]
- Affiliate [Banks & Banking]
- Alternative Mortgage Transaction [Banks & Banking]
- Antique Gambling Device
- Application for a Deposit Facility [Banks & Banking]
- Appropriate Federal Banking Agency
