Suggested Lesson Plan to use with this
Review ATM usage with your students, and why we
use an ATM.
An ATM, or Automated Teller Machine, allows you
to do simple banking transactions, usually 24 hours a day.
Banking used to be mostly done by using a bank teller, however
today banking is often done electronically. Banking transactions
done by an ATM include depositing money, withdrawing money
or checking your balance from either your savings or checking
Benefits of using an ATM include easy access to
banking services, and easy access to cash. This reduces the
need to carry large amounts of cash.
Using an ATM
To use an ATM, you will need a bank account,
and you will also need an ATM card. With this card you will
get a code, also known as a PIN. It is important that you
keep the pin secret, otherwise someone else could potentially
access your account.
To use the ATM, you will first place your card
into the machine, and enter your PIN. Then you will be able
to do your banking. Available transactions include withdrawing
money, depositing money or checks, checking your account balance,
or transferring money.
Safety is important when using the ATM. Keep your PIN number a secret, and do not
disclose it to anyone. Do not write your PIN number on your ATM card. Also, do not keep your PIN on a piece of
paper in the same location as your ATM card. Do not keep
this number in your wallet. For added
security, change your PIN number periodically. If your ATM
card is ever lost or stolen, report it immediately to your bank.
If you are going to do a deposit, try to have
all the necessary paperwork ready. In fact, try to keep some
deposit envelopes with you so that way you minimize the time spent
at the ATM.
Make sure the ATM location is well lit.
Do not approach or use the ATM if the area looks unsafe.
Look for suspicious people around the ATM. Use a machine
that is visible to nearby traffic. If possible, bring a friend
along to stand nearby when using an ATM. Avoid talking to
strangers when using the ATM.
When entering your PIN, be sure no one is
looking over your shoulder, and position yourself to block anyone
from seeing your PIN code.
When your transaction is complete, be sure to
take your money and place it immediately in your wallet or purse.
Also, don't forget to take your ATM card before leaving. Do
not stand around and count your money at the ATM. If there
is a discrepancy between the amount withdrawn, and the cash
received, then notify your bank immediately (be sure to identify
the machine that you used).
Give the person using the ATM distance while
you wait to use the machine.
Complete your transaction as quickly as
Don't leave your bank receipt or trash at the
Fees and transaction costs
Be sure to be aware of the banking fees for
using an ATM, as fees will vary by bank and machine.
Using an ATM owned by your bank will often result in lower (or no)
fees compared to using an ATM from another bank, however each bank
sets their own fees.
Be especially careful if you only make small
(for example twenty-dollar) withdrawals. If the fee per
withdrawal is $1.50, then you will be paying a lot of unnecessary
fees. In this case, it is better to make a single withdrawal
of $100, then multiple withdrawals of $20.
The type of ATM you use will help decide what
fees you pay.
PROPRIETARY ATM. With a proprietary ATM,
your bank owns the machine. In most cases, if your bank owns
the ATM, then you are not charged for ATM transactions.
NON-PROPRIETARY ATM. With non-proprietary
ATMs, the machine is owned by another bank. If you use a
non-proprietary ATM either your bank, the other bank, or both
banks will charge you a transaction fee. This fee is usually
$1 to $2.
NATIONAL ATM. These ATMs are connected to
a national network. There are often fees associated with
using these ATMs.
OTHER ATMs. ATMs can now be found in many
different locations such as grocery stores, gas stations, etc.
They are there for your convenience, but expect to pay high fees,
often $2 to $3.
So be careful about ATM fees. Try to use
a bank account that does not charge you for using their machines,
and try to stick to using your own bank's ATM machine.
Terms to Understand