ATMs
An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account information inquiries, at any time and without the need for direct interaction with bank staff. ATMs are known by a variety of other names, including automatic teller machines (ATMs) in the United States (sometimes redundantly as "ATM machine"). In Canada, the term automated banking machine (ABM) is also used, although ATM is also very commonly used in Canada, with many Canadian organizations using ATM rather than ABM. In British English, the terms cashpoint, cash machine and hole in the wall are also used. ATMs that are not operated by a financial institution are known as "white-label" ATMs. Using an ATM, customers can access their bank deposit or credit accounts in order to make a variety of financial transactions, most notably cash ...
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White-label ABMs
White-label automatic banking machines (ABMs) or white-label ATMs are ATMs that offer an alternative to traditional bank-owned ATMs for cash dispensing. These machines may be operated by an independent ATM deployer. White-label, or "no name," ATMs are commonly found in non-traditional locations, such as grocery stores or other non-bank venues. These machines do not display any major bank branding, and the fees are generally higher compared to those of bank-owned ATMs. History In Canada, the major financial institutions have their own branded ABMs located across the country, with these machines prominently displaying the banks' logos. White-label or "no name" ABMs, typically found in non-traditional locations, do not display any major bank labels. Before 1997, only banks and other deposit-taking financial institutions were permitted to participate in the Interac network. After 1997, independent operators were allowed to operate ABMs not owned by major financial institutions. , ...
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