ShmoopTube

Where Monty Python meets your 10th grade teacher.

Search Thousands of Shmoop Videos

See All

Finance: What is an ATM? 23 Views

Share It!

Description:

What is an ATM? An ATM is an automated teller machine. These machines are super common these days because they allow people access to their money outside of banking hours as long as they have their debit card. Using their card, they can complete simple banking transactions without actually dealing with a teller or waiting for the bank to open.

Language:

English Language

Subjects:

Transcript

00:00
Finance a la shmoop what is an A-T-M... hmm that's automated teller machine ATM
00:10
there there the big ugly machines that puke $20 bills when puking is good you [ATM spitting out $20 bills]
00:16
see them in front of your bank and it stores the magic Aladdin lamp rub comes
00:20
via your plastic debit card which you insert and wait then
00:26
you type in your PIN or personal identification number and then well if [Person typing in PIN number on ATM]

00:30
you have cash in your account the cash machine will spit out the money YUM
00:35
these computerized robot machines also let you take care of other bank stuff
00:39
without having to schlep into the bank transferring dough between accounts and
00:43
depositing checks and so on...Basically all the stuff you can do with an app on [Girl using an app on her phone]
00:48
your smartphone now and the irony here should not be lost
00:51
ATMs replaced tens of thousands of bank tellers when they came out in the 1980s
00:57
they were the first mass job replacement of human beings with robots and and yes,
01:03
phone apps now are replacing those testy ATM robot machines yeah and for those of
01:09
you with job phobia over robots while the advent of the ATM machine is a good
01:13
allegory to follow your jobs coming next you [Mans eyes turn red]
Full Transcript