What is a Consumer-Operated Terminal (COT)?

A Consumer-Operated Terminal (COT) refers specifically to a self-service device that enables consumers to conduct various transactions independently, without assistance from bank personnel. These terminals are commonly associated with automated teller machines (ATMs) and point-of-sale (POS) systems, allowing individuals to carry out functions such as withdrawing cash, depositing funds, checking account balances, or making purchases.

This definition aligns well with the concept of self-service transactions, which is a hallmark of consumer-operated terminals. The user interface is designed for ease of access, ensuring that consumers can manage their financial transactions efficiently and conveniently in a secure manner. The focus on consumer independence and the ability to conduct transactions at the user’s convenience reinforces the essence of what constitutes a COT.