Using an automated teller machine, or ATM, is a common part of personal finance for most Americans.
How to Use an ATM: Step-By-Step Guide
To use an ATM:
1.
Fees can surpass $8 or 3% of the total transaction.
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Only use a credit card at an ATM when you have no other option.
If you have a debit card with a chip, verify you insert the chip end into the ATM.
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Newer ATMs allow for cardless transactions.
in place of a card.
Select Your Language
Many ATMs will prompt you to select your preferred language.
Most machines will offer at least three common languages based on their location.
In the US, you’re free to count on English and Spanish to be offered as options.
Never assume an ATM will use English when traveling abroad.
This way, youll have some cash until you could find a machine that has an English option.
For example, ATMs at banks and credit unions typically allow you to deposit checks.
you could often use ATMs to transfer funds between bank accounts.
If you are depositing cash, insert the bills as shown.
Most ATMs allow you to insert multiple bills at once.
Some ATMs may allow you to deposit coins.
If depositing a check, ensure you have signed the back.
Insert the check and punch in the amount for which it is written.
If withdrawing cash, enter in the amount you would like to withdraw.
Familiarize yourself with the limit implemented by your own financial institution before attempting to withdraw money.
If simply checking your bank account balance, click that option.
The balance is typically printed on a receipt, though some ATMs may also display it on the screen.
Look for a thank-you screen prompt from the ATM to double-check the session is over.
Always see to it you have your card when you leave an ATM.
Practicing Good ATM Safety
1.
Even worse, some may strike the moment you withdraw money and have cash in hand.
If you are ever unsure of your surroundings, do not use the ATM.
Instead, find another ATM where you feel safer.
Instead, select a unique PIN when setting up your debit or ATM card and commit it to memory.
Learn to Spot an ATM Skimmer
Be wary of debit card skimmers.
To detect an ATM skimmer where you normally insert your card, look for obvious signs of tampering.
This could include glue residue or tape, bulky hardwareonthe card reader or anything loose danglingfromthe card reader.
Before inserting your card, venture to wiggle the card slot.
If it is loose and can shift in place, it is possible someone has attached a skimmer.
you might attempt to scout out hidden cameras before transacting.
Look for small pin holes drilled into the ATM; these often conceal tiny cameras.
If you are ever unsure, do not continue with the transaction.
However, dont just leave the ATM for the next unsuspecting customer.
Your banks mobile app should have an ATM locator that helps you find nearby in-connection ATMs.
In-connection ATMs mean you dont have to worry about ATM fees.
No luck in the mobile app?
Check the back of your debit or ATM card for an indication of your banks particular web connection.
Then google to find ATM locations within your data pipe.
How to Avoid ATM Fees
ATM fees averaged more than $3 in 2021.
Other banks offer this but only at a domestic level.
ATM Alternatives
Automated teller machines arent your only option for withdrawing money.
Here are some alternatives to ATM cash withdrawals:
1.
Cash Back at the Store
Many grocery stores offer cash back when you use your debit card.
Use Mobile Check Deposit
If depositing a check, no need to go to a physical branch or ATM.
Most banks now offer mobile check deposit as part of their suite of personal finance options.
(Cash is pretty dirty, after all.)
If you have set up a digital wallet in your smartphone, patronize establishments that accept this payment.
Frequently Asked Questions (FAQs) About ATMs
Still have questions regarding how to use an ATM?
Weve collected some of the most common questions our readers have been asking about ATMs and provided answers.
ATMs can be used for funds in checking accounts as well as savings accounts.
you’re free to use a credit card at an ATM for cash advances.
Be cautious: These are expensive and predatory, especially if you are already struggling with credit card debt.
This depends on your specific bank.
Banks often impose max daily withdrawal limits.
Check the fine print of your account or call customer service to determine what your limit is.
In short, yes, your card should be good in most domestic ATMs.
Remember, however, that there are fees for using out-of-web connection ATMs.
Your card may not work in foreign ATMs.
Cashless ATMs, also called point-of-banking technology, function similarly to typical debit card payments.
Timothy Moore covers banking and investing for The Penny Hoarder from his home base in Cincinnati.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
