Quick insights
- ATMs provide a convenient way to access cash, make a deposit or check your account balances.
- You can access a checking account or savings account at an ATM, often by inserting your debit card and following several prompts.
- Credit cards can be used to withdraw money from an ATM, but such access can come with fees and interest charges.
ATM stands for “automated teller machine,” and it works as a computerized version of a bank representative. This machine is designed to perform simple banking tasks, such as deposits and withdrawals. Usually, you begin accessing your bank accounts at an ATM with a debit card.
Learning how to use an ATM can boost the convenience this machine already offers, depending on your financial needs in various situations.
What can you do at an ATM?
ATMs are best known for giving you access to cash. Whether or not you withdraw money, you can usually view your checking and savings account balances. ATMs may also let you transfer money across accounts, deposit cash and checks, or possibly get a cash advance on a credit card you have with the institution.
How to deposit cash at an ATM
When there is an option to deposit cash at an ATM, there are several steps to take.
Here’s how the process usually works:
- Insert your card into the machine’s card reader slot.
- Follow any prompts to leave your card inserted or remove it.
- Enter your personal identification number (PIN) when prompted.
- Select the transaction type you want to perform (a cash deposit in this case).
- Select the account receiving the deposit.
- Enter the dollar amount of the cash you’re depositing when prompted.
- Insert cash into the machine where instructed.
The steps are often similar to depositing a check at an ATM, except you must endorse the check before inserting it.
How much money can you deposit at an ATM?
Banks sometimes limit how much money you can deposit into your account, including ATM deposits. However, there may be a limit on the number of bills you can insert at one time into the ATM while making a deposit. Policies and individual machines vary, so check with your financial institution for more details about how much cash you can deposit at an ATM.
How to withdraw cash from an ATM
Getting cash at an ATM is usually a straightforward process, even if the menu options and exact steps vary slightly:
- Insert your card into the machine.
- Leave your card in or remove it, depending on the prompts.
- Enter your PIN.
- Select the transaction type (“withdrawal” in this case).
- Select an account.
- Take your card back and wait for your money to be dispensed.
These days, your bank may offer additional convenient ways to get cash at in-network ATMs. For example, after entering your PIN you may be able to choose a preset “fast cash” amount to be dispensed. You might also be able to schedule a withdrawal before you visit an ATM on your bank’s mobile app.
How much money can you withdraw from an ATM?
There is no standard limit for ATM withdrawals across the industry. Each bank sets its own limit that usually resets each day and may range from several hundred to several thousand dollars. Although you may have a daily ATM withdrawal limit, it can sometimes be adjusted in certain situations by contacting your financial institution.
How to check your balance at an ATM
You may be able to use ATMs to check your account balance without withdrawing or depositing money. As usual, you’ll have to insert your debit card and enter your PIN before the options appear. Your account balance may appear on the screen, or the machine could print your balance on a receipt.
Bank ATMs and machines operated by third parties may let you check your account balances, but surcharges may apply.
How much are ATM fees?
ATM fees vary depending on your own bank’s policy and the ATM provider. Financial institutions may deduct their ATM fee directly from your account for a transaction, whether you use an in-network or outof-network ATM. Third-party ATM networks may also assess a surcharge for using a machine.
In theory, you could be charged twice when using an out-of-network ATM but check with your financial institution for specifics.
How to find an ATM
The most straightforward tool to find an ATM is often on your bank’s mobile app or website. You can enter or share your location to bring up a list or map that displays in-network ATMs.
ATM security tips
Discretion and safety when using an ATM are important regardless of the transaction you’re completing. Here are some tips:
- When possible, use ATMs within bank branches.
- Cover your hand when entering your PIN to obscure its numbers from view.
- Check your ATM for any suspicious markings, hidden cameras or misaligned card readers.
Can you use a credit card at an ATM?
You can use a credit card at an ATM to withdraw money against your account. This option is known as a cash advance and is often subject to a specific cash advance transaction fee and APR. The money you withdraw shows up as a credit card transaction rather than a debit, as it would with a savings or checking account.
