A bank links together customers that have capital deficits and customers with capital surpluses. A bank is a financial intermediary that accepts deposits and lending activities. Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers on the bank. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH), Wire transfers or telegraphic transfer, EFTPOS, and automated teller machine (ATM).
An automated teller machine or automatic teller machine is popularly called as ATM. The customer is identified by inserting a plastic ATM card with a magnetic stripe that contains a unique card number and some security information such as an expiration date or CVVC (CVV). Authentication is provided by the customer entering a personal identification number (PIN). Customers can access their bank accounts in order to make cash withdrawals, get debit card cash advances, and check their account balances as well as purchase pre-paid mobile phone credit.