Automated Teller Machine Law and Legal Definition

Automated Teller Machine (ATM) ,means “an electronic machine that dispenses cash, and may perform such other functions as funds transfers among a customer's various accounts and acceptance of deposits. Equipment generally is activated by a plastic card in combination with a personal identification number (PIN). Typically, when the cardholder's account is with a financial institution other than that operating the ATM, its use results in the assessment of a fee from the ATM network (e.g., Armed Forces Financial Network (AFFN), Cirrus, or PLUS) that processes the transaction.” [32 CFR 231.9; Title 32-National Defense; Subtitle A-Department Of Defense; Chapter I-Office Of The Secretary Of Defense; Subchapter M-Miscellaneous; Part 231-Procedures Governing Banks, Credit Unions And Other Financial Institutions On Dod Installations; Subpart A-Guidelines]