ATMs (ATMs) are electronic banking points that allow people to make transactions without going to their bank branch.
Some ATMs are simple cash dispensing devices, while others allow you to perform various operations such as depositing checks, transferring balances and paying bills.
The first ATMs appeared in the mid to late 1960s and their number has grown to over 2 million worldwide.
Today’s ATMs are marvels of technology, many of which are capable of accepting deposits as well as a range of other banking services.
To reduce ATM fees, use your own bank’s ATMs as often as possible.
The 3-6-3 rule is a slang term for an informal practice in banking, especially in the 1950s, 1960s and 1970s, that was the result of the industry’s uncompetitive and simplistic conditions.
The account balance represents the available funds or present value of an account of a particular financial account, such as a checking, savings or investment account.
The annual equivalent rate (AER) is the actual interest rate on investments, loans or savings accounts that can be obtained after compounding interest.
The bank reconciliation report summarizes the banking and commercial activities by reconciling the organization’s bank account with its financial statements.
A bank run occurs when large groups of depositors withdraw their money from banks at the same time, out of fear that the institution will become insolvent.
A canceled check is a check that has been redeemed by cashing or depositing it, making the check invalid for further transactions and cannot be reused.