ATM (Automatic Teller Machine)

Often referred to as 'cash machine', 'cash dispenser' or 'hole in the wall machines', they are a cross between a cash till and a computer, which enable users to access their bank accounts and carry out transactions such as withdrawing cash. These machines offer access to cash for, in most cases, 24 hours a day, seven days a week.

The first cash machine in the United Kingdom was introduced by Barclays Bank in 1967 outside its Enfield branch. Now, according to ATM network LINK there are some 70,000 ATMs across the country (May 2018). As well as at banks and building societies, ATMs can be found in supermarkets, railway stations, motorway service areas and convenience stores. Most ATMs do not charge for withdrawals.

Security is taken care of by individual users using a Personal Identification Number (PIN) that is known only to them. But there have been odd security question-marks over ATMs with some users claiming 'phantom withdrawals'.

The main ATM network in the UK is now the LINK organisation, which includes 38 institutions, including all the major banks and building societies in the country.

ATMs are found in most countries around the world. For example, Visa cards are accepted in ATMs in more than 200 countries.

Typically, the machines can be used to:

• withdraw cash
• get an account balance
• order statements
• Some ATM's permit you to 'pay money in'.

The proliferation of ATM machines has provided greater convenience to customers, with a total of £179.78 billion withdrawn from UK cash machines in 2016.

See also: Financial Services