You can use an ATM with a debit card — or, sometimes, a credit card. While the process is straightforward, it helps to know how to use an ATM ahead of time. Follow these steps to check your balance, withdraw money or make a deposit. For help with figuring out how you want to store your own money, consider working with a financial advisor.
How to Withdraw Money
To make a withdrawal, follow these steps:
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Insert your debit or credit card
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Enter your personal identification number (PIN)
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Select withdrawal
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Choose the account type, such as checking, savings, etc.
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Choose how much you want to withdraw, such as $100, $50 or other
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Agree to pay a fee, if applicable
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Remove your debit or credit card from the machine
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Take your cash
While it is possible to use a credit card to make a withdrawal (called a cash advance), be wary of the fees you might encounter. For example, a typical cash advance fee is 5% of the amount requested, according to Chase. In addition, credit cards have cash advance APRs that are higher than purchase APRs.
In some cases, there might be limits to how much you can withdraw in a day, such as up to $1,000. If you intend to withdraw a large amount of money, check with your bank to see if there is a daily withdrawal limit. If you will exceed the limit, see if your bank is willing to increase it for you.
How to Deposit Money
Depositing cash at an ATM follows similar steps with some slight differences:
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Insert your debit card
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Enter your PIN
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Select deposit and the relevant account
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Enter how much you are depositing
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Choose cash, checks or cash and checks
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Put your money into the machine
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Confirm the amount
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Remove your debit card
In this case, you can only use a debit card, not a credit card. In addition, you generally must deposit cash only at an ATM owned by your bank. Cash that you deposit will be available immediately, but checks can take some time to deposit.
How to Check Your Balance and Transfer Funds
Checking your balance is a routine step at any ATM. Generally, you will see this as a type of transaction alongside deposit, withdrawal, etc. You might also see your balance printed on your receipt after your transaction if you indicate that you want a receipt.
You can also transfer funds between accounts at an ATM. Simply select the button for a transfer, pick the accounts to transfer money from and to and enter the amount of money you want transferred.
The Deal With ATM Fees
ATMs can have several types of fees; it’s important to be aware of the possible fees ahead of time. After all, they can make up a significant portion of your transaction. Here are some of the most common types.