190 Unit 2 Managing Your Finances
ATM Cards
An ATM card allows you to get cash from your account at any time.
ATMs are located at banks, malls, airports, grocery stores, and other
places. ATM cards can also be used at machines in other cities, states, and
countries. This is a great convenience when you are traveling.
Generally, you may use an ATM owned by your bank at no charge.
There is usually a charge for any transaction you make at an ATM not
owned by or affi liated with your bank. Fees charged for using an ATM card
vary; however, they can add up quickly. Make sure you understand these
fees and know which ATMs are affi liated with your bank’s network.
With an ATM card, you receive a unique PIN. Safeguard your card
and your PIN so no one else can gain access to your account. When you
insert an ATM card, the machine will ask you to enter your PIN. Then you
will enter information about the transaction you want to make. With the
push of a few buttons, the ATM processes your request and delivers cash
and accepts your deposits. For your own protection when using the ATM,
follow the safety tips listed in 8-8.
Debit Cards
Banks usually offer a combined debit and ATM card. You can use the
debit card at ATMs and any business that accepts credit cards. When you
make a purchase, you present the card or swipe it through an electronic
scanner. Then you enter your PIN to authorize the payment. The purchase
amount is subtracted immediately from your checking account.
Using a debit card is similar to writing a check because the purchase
amount comes directly from your checking account. Be sure you have an
adequate balance in your account to cover your debits. If your account is
overdrawn, you will be charged a fee.
Safety Tips for Using an ATM
Memorize your personal identifi cation number (PIN). Do not tell anyone
your PIN or carry it with you. If someone stole both your card and PIN, they
would have complete access to your account.
Protect your privacy. Do not let anyone see you enter your PIN. If a friend
is standing too close, politely ask the person to step back. If a stranger is too
close, cancel your transaction and use the ATM at another time.
Watch for suspicious people. Criminals may target ATMs as easy places to
steal money. Before approaching, see if anyone is standing around. If so, use
another machine or return later.
Use an ATM in a well-lighted area. Generally avoid nighttime use, but if
necessary, choose a machine in a grocery store or other high-traffi c area. If
at the bank at night, choose a drive-up ATM rather than a walk-up machine.
Make transactions at walk-up ATMs quickly. Approach the ATM with your
card out and ready. Then, leave the area immediately and count your money
later.
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8-8
Since money is withdrawn
at ATMs, this makes them a
target for crime. Follow these
tips to use ATMs safely.