Commonly Used Industry Terms

Image

  • ATM – Automated Teller Machine
  • Card-Issuing Bank – The bank that issues the customer an ATM, credit, or check card
  • Cassette – The box inside the dispenser that holds the cash
  • Dedicated Phone Line – A telephone line that is not shared with any other device
  • Dispenser – The mechanism inside the ATM that dispenses the cash from the cassette
  • Foreign ATM Charge – The amount being charged by the bank to the card user for using an ATM not owned by the bank. The average fee is $1.25, but ranges from nothing to $2.00.
  • Interchange Revenue – This is the revenue paid by the card-issuing bank to the national authorizing switch (Cirrus, Plus, etc.). Ocean ATM and other ATM companies are paid from this revenue stream. Banks typically mark this fee up and pass it along to their customers as a foreign ATM charge.
  • LAN Connection – A wired or wireless Local Area Network connection that can be used to connect certain types of ATMs
  • Reg E – This stands for the federal banking regulation for electronic funds transfer. If a customer doesn’t receive his money from an ATM, but he was charged, then this is where a Reg. E would come into effect. The customer can call us and we can walk them through the proper protocol. The customer will need to go to his bank and the bank will issue a provisional credit to the customer. The bank then files the Reg E paperwork. The paperwork comes to Ocean ATM and we compare this with the journal from the ATM to determine what happened. If the ATM owner owes, then they are charged. Otherwise, the bank retracts the provisional credit. Reg E claims typically require 6 weeks to complete.