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An ATM (automated teller machine) can be a convenient way to deposit or withdraw money from your bank account, check your account balance, and conduct other aspects of your banking business.
But how do you use an ATM? Knowing how an ATM works may help you get the most out of your banking transactions. Read on to learn how to use an ATM.
Key Points
• ATMs provide convenient banking services like cash withdrawals and checking account balances.
• Deposits at ATMs are possible but may have restrictions compared to withdrawals.
• Avoiding ATM fees is easier with in-network machines and understanding the terms of a bank account.
• Cardless withdrawals may be done through mobile apps using QR codes.
• Safety at ATMs is crucial; always be aware of surroundings and protect PIN entries.
What Is an ATM?
An ATM is a computerized machine that performs some of the same functions as a human teller at a bank, such as dispensing cash.
ATMs provide certain banking services quickly and conveniently. You can access them at banks, but it’s also usually possible to find ATMs at grocery stores, in shopping centers, in major hotel lobbies, and in airports. They also may be at convenience stores, restaurants, and other places where cash could be needed.
You can typically withdraw cash from ATMs and check your bank account balance. You may also be able to deposit cash at an ATM or possibly checks, although deposits have more restrictions than withdrawals.
How Does an ATM Work?
An ATM machine gives bank customers easy access to their banking resources, often around the clock. An individual typically inserts their debit card into a reader that scans their banking information, and then they can conduct transactions. (At some locations, contactless transactions may be possible; see more on this below.)
Here are some of the main functions an ATM can usually perform:
• Withdraw cash.
• Make deposits. However, to do so, the device typically needs to be within the same network as the customer’s bank. Often, it’s not possible to make a deposit at an out-of-network ATM or, if it is, you may be charged a fee.
• Check your account balance, which may help you avoid overdrafting when making a withdrawal or using a debit card. The balance may appear on the ATM screen or on the printed receipt. If the ATM is out-of-network, this service may come with a fee.
Some ATMs do make it possible to access their services without a debit card present. This is known as a cardless withdrawal. These types of withdrawals are typically supported by a smartphone app that uses technology such as a QR code instead of a debit card. This can provide the ATM with the account information it needs to complete the transaction.
Things You Can’t Do at an ATM
ATMs do have limitations; here are some things consumers may not be able to do at an ATM.
• Withdraw coins
• Open a new checking account or savings account
• Close an account, such as an individual bank account or a joint bank account
• Send a money order
• Purchase a cashier’s check.
How Much Are ATM Fees?
It may be free to use an in-network ATM, but when there isn’t one around and you need cash (or to conduct another transaction), you’ll likely be hit with a fee for using an out-of-network device.
It’s wise to read the fine print associated with your checking account to better understand what kind of fees you may need to pay to use an ATM. It can also be helpful to make note of where some local in-network ATMs are or use your bank’s app or website to find them. This can make avoiding ATM charges easier.
How much can ATM fees be?
• The average out-of-network fee is currently $4.86. This typically includes a $1.64 fee levied by your bank and an average of $3.22 charged by the ATM’s owners.
• Additionally, if you are traveling internationally, you may have fees of, say, $2 to $5 to make withdrawals as well as a conversion fee.
Worth noting: Several banks will waive fees when their clients use an out-of-network ATM. If you often rack up many out-of-network ATM fees, you might want to look into which banks offer this service.Or you could look for a bank account with no fees.
How to Find an ATM
If you need cash or you want to deposit a check, here are a couple of ideas for how to find an ATM:
• You can usually use your mobile banking app to find ATMs. There may be a map function or tool, or you may be asked to enter a zip code to see nearby devices.
• If you bank at a traditional vs. an online bank, you can visit a branch which will often have ATMs available.
• There are third-party services that can help you access surcharge-free ATMs.
To make this process easier, you can bank with a financial institution that has a large network of ATMs you can use without a fee. Allpoint, STAR, and MoneyPass are examples of these networks.
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How to Withdraw Money from an ATM
Withdrawing money from an ATM is relatively simple, but there are several actions you’ll need to take.
Step-by-Step Guide to Withdraw From an ATM
When withdrawing cash from an ATM, follow these steps.
1. When prompted by the screen, insert your debit card into the machine.
2. Enter your PIN number. This is the custom PIN (personal identification number) associated with the debit card linked to your bank account.
3. Choose the transaction type. In this case, it would be a withdrawal.
4. Pick the account to access. If you have multiple bank accounts, this step will make sure the money is coming from the right place.
5. You’ll likely be prompted to enter the dollar amount you want to withdraw (or press the option showing your choice of amounts), and you may be asked to select your bill denominations.
6. Take the card back. Now it’s time to complete the transaction. Many ATMs will prompt you to take your card back and then the machine will dispense your cash.
How Much Money Will an ATM Let You Take Out?
There are typically limits on how much you can withdraw from an ATM. (This is often done to make sure there is enough cash in the machine to go around vs. a few customers draining the funds.)
• Daily withdrawal limits are typically between $500 and $5,000.
Check with your bank to learn its limits and whether it determines that by calendar day or by a 24-hour period.
Recommended: What is a Money Market Account?
How to Deposit Money at an ATM
You can also learn how to use an ATM machine to deposit money. Just keep in mind that only certain ATMs will accept deposits, so you’ll want to be aware that depositing money may not be a possibility at the ATM closest to you.
1. Find an in-network ATM or an ATM that allows deposits to the bank associated with your debit card.
2. Insert your card and enter your PIN (typically a 4-digit code).
3. Choose “deposit” as your transaction type.
4. Select the account you want to receive the deposit.
5. Type in the exact amount of the intended deposit.
5. Insert the cash or check. If it’s a check, endorse the back first; then follow the on-screen instructions to get your card back and a receipt, if desired.
Other Transactions You May Be Able to Complete at an ATM
Now that you know how to withdraw money at an ATM and deposit as well, these are some of the other things banking customers may be able to do at these devices.
Cash Checks and Deposit Money Orders
Some bank’s ATMs may let you cash checks for free and deposit money orders.
Make Bill Payments
At some financial institution’s ATMs, you might be able to pay your mortgage, home equity loan, or credit card bill you have with them at an ATM.
Get a Cash Advance From a Credit Card
You may be able to get a cash advance from a credit card (though this typically carries a high interest rate, so proceed with caution).
Tips to Keep Yourself Safe at ATMs
With both in-person and online banking, security is important. When using an ATM machine, it’s important to learn how to do so safely, whether making a deposit or withdrawal. Here are some tips:
• Be aware of your surroundings. If there is someone loitering around an ATM (especially at night), you might want to go elsewhere. If you are making a deposit, you might want to consider making a mobile check deposit instead.
• Consider using ATMs located inside bank branches.
• Have your card already in your hand as you approach the ATM versus fumbling through your pockets or bag while at the ATM.
• Cover the keypad when entering in the PIN number so no one else can see it. Some keypads are designed in such a way as to help protect your personal information as you type in those digits.
• Review ATMs closely for misaligned card readers, skimming devices (more on that in a moment), or suspicious markings before using one.
• If you are withdrawing cash, put it away ASAP when you receive it. Don’t walk away from the ATM with cash in your hands.
Also be aware that there are ATM scams. One common one involves card skimmers, a device that a fraudster attaches to an ATM (or gas pump card reader) in order to fraudulently collect the account information of users. Inspect card readers for signs of tampering; you may try to wiggle an ATM’s card reader to see if it is loose to help detect card skimmers.
If you have reason to be concerned, it could be wise to avoid this ATM and look for another one.
The Takeaway
ATMs can offer a convenient way to access a number of essential banking services such as withdrawing cash without having to actually visit a branch location during business hours. It’s important to pay attention to ATM fees, which are typically easier to avoid when using an in-network ATM. It’s also essential to keep safety in mind to avoid theft or fraud when using an ATM.
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FAQ
What should I do if the ATM dispenses the wrong amount?
Contact your bank — or the owner of the ATM, if the device is out-of-network (their contact information should be listed on the ATM) and explain what happened. Keep your receipt, and follow the advice given.
What happens if an ATM eats my debit card?
If your card gets stuck in an ATM, wait a few minutes to see if it is a temporary glitch. You can also try pressing the cancel button to see if the machine reboots. If not and the ATM is outside a branch of your bank, call the bank on your cell phone and ask if a representative can come out to assist you. If the ATM is at another location, you probably won’t be able to get the card back. In that case, use your bank’s mobile app to put a freeze on the card right away so that no one else can use it, and call your bank to request a replacement card.
How many times can I use an ATM?
How many times you can use an ATM often depends on how much money you withdraw each time. Most banks limit the dollar amount someone can withdraw (usually $500 to $5,000) per day. Check your bank for its withdrawal limits.
Can I use my debit card at any ATM?
You can generally use a debit card to withdraw cash at any ATM, even if it is out-of-network. However, making a withdrawal at an out-of-network ATM typically involves having to pay fees. You may not be able to make deposits at an out-of-network ATM.
How long does an ATM deposit take to clear?
With many banks, cash deposits are available by the next business day. Your cash deposit may even be available the same day if you make the deposit before your bank’s daily cutoff time. And at some banks, cash deposits may be available immediately if you use their ATMs. However, if you use an out-of-network ATM, deposits generally take longer to clear.
Photo credit: iStock/Eva-Katalin
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