Automated Teller Machine (ATM)

An Automated Teller Machine (or “ATM”) is a machine that allows customers to conduct banking transactions anywhere, anytime. Many prepaid debit cards (including travel cards, teen cards, reloadable prepaid cards and non-reloadable prepaid cards) can be used at an ATM machine to access available funds (funds that were previously deposited into the account associated with the prepaid card).

Many prepaid debit card issuers also allow cardholders to transfer money from one account to another. Some issues allow you to deposit (or “load”) additional funds onto your prepaid card at an ATM machine (read the terms and conditions associate with each product to find out).

Many ATM transactions involve a fee. For example, some prepaid debit card issuers charge a flat fee for each ATM withdrawal. Many ATM machine operators also charge a fee (some as high as $3.00). These ATM machine operators typically charge a fee no matter what kind of card you use at their machine (so a prepaid debit card transaction is charged the same fee as a regular account-linked debit card transaction).

About This Author

Post A Reply