Are you familiar with automatic banking machines (ABMs)? You can find them everywhere in Canada. Here's all you need to know about ABMs.
There are ABMs at your disposal in every bank branch. Financial institutions also install them in busy public places, such as restaurants, grocery stores, and subway stations. Some ABMs belong to companies that aren't banks.
To use an ABM, you must have a debit or credit card. You also need a personal identification number (PIN). A PIN is a series of four or five digits that the bank gives you. You can change it whenever you want at the ABM or at the counter in a branch. Never give your PIN to anyone else. Keep it a secret to ensure your security.
You can carry out multiple types of transactions at ABMs.
To withdraw money, you must indicate the amount requested. This amount must be a multiple of 20—i.e., $20, $40, $100, or more. Your bank usually sets a maximum limit you can withdraw per day and week. However, you can negotiate this limit with your financial institution according to your needs. Learn more!
You may be charged fees when carrying out transactions at an ABM. Your financial institution can give you more information. You will likely be offered a banking package that will allow you to carry out a certain number of transactions for a fixed monthly price. You can also get a statement of your ABM transactions. As soon as it's printed, check to make sure everything is correct.
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