The nickname for famed gambler William J. Payment, who, though extremely rich, was purportedly so bad at poker that he "paid off like an ATM." Also, a term for a service most banks provide where they will automatically deliver bill payments for clients on a pre-arranged schedule.
The service provides a good deal of convenience compared to the prehistoric practice of check writing, a process that involved scribbling ink onto paper and using the U.S. mail, possibly delivered by steam ships and stage coaches. However, the service becomes less than convenient when you change Wifi providers and forget to update your bill pay and you end up donating approximately $300 to Verizon and getting your new service cut off for non-payment.
Related or Semi-related Video
Finance: What is an ATM?23 Views
Finance a la shmoop what is an A-T-M... hmm that's automated teller machine ATM
there there the big ugly machines that puke $20 bills when puking is good you [ATM spitting out $20 bills]
see them in front of your bank and it stores the magic Aladdin lamp rub comes
via your plastic debit card which you insert and wait then
you type in your PIN or personal identification number and then well if [Person typing in PIN number on ATM]
you have cash in your account the cash machine will spit out the money YUM
these computerized robot machines also let you take care of other bank stuff
without having to schlep into the bank transferring dough between accounts and
depositing checks and so on...Basically all the stuff you can do with an app on [Girl using an app on her phone]
your smartphone now and the irony here should not be lost
ATMs replaced tens of thousands of bank tellers when they came out in the 1980s
they were the first mass job replacement of human beings with robots and and yes,
phone apps now are replacing those testy ATM robot machines yeah and for those of
you with job phobia over robots while the advent of the ATM machine is a good
allegory to follow your jobs coming next you [Mans eyes turn red]
Up Next
What is PayPal? Wire us $20 to our PayPal account and we’ll tell you. Or just watch this video.
What are payroll deductions, and how can we opt out of them?