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.