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Automated Teller Machine (ATM):
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▪️A machine, activated by a magnetically encoded card or other medium that can process a variety of banking transactions. These include accepting deposits and loan payments, providing withdrawals, and transferring funds between accounts.
Automatic Bill Payment:
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▪A checkless system for paying recurring bills with one
authorization statement to a financial institution. For example, the customer would only have to provide one authorization form/letter/document to pay the cable bill each month. The
necessary debits and credits are made through an Automated Clearing House (ACH).
