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ATM

Definition of 'ATM'

ATM stands for Automatic Teller Machine. This is another name for a cash dispenser or cash machine. ‘Teller’ is an old term which once described bank cashiers.

Australian ATMs are all ‘Chip and PIN capable’ which means that the credit cards used in ATMs to access cash now use computer chips to store information rather than magnetic strips, which were used historically. This makes it harder to clone the credit card and prevents fraud.

There are several layers of protection available to consumers when using ATMS, but first and foremost, if you disclose your PIN to anyone else, and the bank becomes aware of this, or if you fail to report a stolen or missing card promptly, then all of your protections will fade away, as you will be deemed to have acted with ‘extreme carelessness’.

If you have been careful to keep your PIN secret, then all of the financial institutions that use ATMs must subscribe to the Electronic Funds Transfer Code which amongst other things provides a high degree of protection from misuse of your credit card at ATMs.

Each card issuer has its own terms (which you have agreed to, whether you read them or not).

For example, ANZ’s Fraud Money-Back Guarantee fully compensates its customer’s account “as long as they have not contributed to the loss and have notified the bank promptly”, up to $10,000 within five business days of receiving the required paperwork.

Use the links below to locate the term you are looking for. If you can't locate it, please get in touch.

Credit Jargon Starting 'G'

Credit Jargon Starting 'I'

Credit Jargon Starting 'J'

Credit Jargon Starting 'L'

Credit Jargon Starting 'M'

Credit Jargon Starting 'S'

Credit Jargon Starting 'T'

Credit Jargon Starting 'V'

Credit Jargon Starting 'W'

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