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.
Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank of Canada.
The articles and information on this website are protected by the copyright laws in effect in Canada or other countries, as applicable. The copyrights on the articles and information belong to the National Bank of Canada or other persons. Any reproduction, redistribution, electronic communication, including indirectly via a hyperlink, in whole or in part, of these articles and information and any other use thereof that is not explicitly authorized is prohibited without the prior written consent of the copyright owner.
The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. National Bank and its partners in contents will not be liable for any damages that you may incur from such use.
This article is provided by National Bank, its subsidiaries and group entities for information purposes only, and creates no legal or contractual obligation for National Bank, its subsidiaries and group entities. The details of this service offering and the conditions herein are subject to change.
The hyperlinks in this article may redirect to external websites not administered by National Bank. The Bank cannot be held liable for the content of external websites or any damages caused by their use.
Views expressed in this article are those of the person being interviewed. They do not necessarily reflect the opinions of National Bank or its subsidiaries. For financial or business advice, please consult your National Bank advisor, financial planner or an industry professional (e.g., accountant, tax specialist or lawyer).