 What is an ATM?
An Automated Teller Machine commonly known as an ATM gives you access to your account 24 hours a day in most locations by
using your ATM card and Personal Identification Number (PIN).
Your PIN is the password for your account. Your PIN may be assigned to you, or you may be able to choose it. Do not use
your birth date, address or anything that might be easily guessed by someone who may steal your card. Do not share your PIN with anyone, or write your PIN on the card.
How do I use my ATM card?
Most things that you can do at your financial institution, you can
do at an ATM. Withdraw cash, make a non-cash deposit. Make payments to lans you may hafve at your bank and even your utilities payments. Check your account balance. Transfer
money. Some ATMs simply give out cash. That means you cannot use them to make deposits, transfer money or perform other transactions. ATMs located in convenience stores,
movie theaters, hotel lobbies and other high-traffic areas may charge higher fees. If you are thinking about getting an ATM card, ask your institution if they charge a:
- Monthly or yearly fee to use the card
- Fee to use the card at your institution's ATMs
- Fee to use the card at other Institutions' ATMs
If the ATM says withdrawals must be made in denominations or increments of $10 or $20, that means it only carries 10 or 20-dollar bills. For example, you need $50 and the ATM
screen says your withdrawal must be in $20 increments. You can request either $40 or $60 and the machine will give you two or three $20 bills. There is no need to withdraw $20 in two
or three separate withdrawals. Most institutions limit the amount of money you can take out each day usually $100 to $600.
Your institution may offer services through an ATM network.
Networks link together the ATMs of banks, savings and loan associations, and credit unions. Networks give you access to your account while you are in other neighborhoods, cities or out of the country.
To avoid fees, use an ATM owned by your institution. If you cannot, look for an ATM network name or logo that matches the one on your ATM card. Network names include Star,
Cirrus and Plus. While you can use these machines, you might pay fees to your institution, the institution that owns the ATM, or both.
ATM Tips
Take these steps to protect your account.
- Sign the back of your card as soon as you get it. Read the information that comes with it.
- Memorize your PIN - do not write it on your card or keep it in your wallet.
- Do not bend or scratch your card. Keep it away from heat or magnetic surfaces.
- Cover the ATM key pad when you type your PIN so other people cannot see it.
- Avoid using ATM machines at night if they are not in well-lit and safe areas.
- Take a friend along for safety.
- Some police stations have ATM machines in their lobbies.
- Keep your receipts always, and record any deposits and withdrawals you make with your ATM card in your checkbook or savings account register.
- Remember to subtract any fees.
- Compare your records with your statement every month.
- Contact your institution immediately if there are any errors. Call first, and follow up with a letter.
What do I do if my ATM card is lost or stolen?
Call your institution right away, and follow up with a letter. The longer you wait, the more money you may lose. if you report your card missing before it is used, you will not be held
responsible for any unauthorized use.
If you report your card missing after it is used, the amount you can be held responsible for depends on how quickly you report the loss.
- Within two business days after you learn of the loss or theft of your card - you will be held responsible for no more than $50 in unauthorized withdrawals.
- After two business days, but within 60 days after the institution sends you a statement showing an unauthorized withdrawal you could lose up to $500.
- After 60 days - you could lose all the money that was taken from your account after the end of the 60 days and before you report your card missing.
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