No.

ATM's weren't always networked. The transactions were reconciled daily or weekly by the local bank, and the network (NYCE, Star, etc...) transactions sent out weekly or monthly.

A friend of mine used to leverage this all the time. He would have $200 in his account at his home bank, but withdrawal $500 from a different bank. By the time the transactions got back to his home back, his parents would have already deposited his monthly allowance into his account.

It worked... most of the time. But I remember once his parents were out of town and didn't make the deposit as expected, and he ended up massively overdrawn. But back then, the banks just cut you off. They didn't ding you for an overdraft fee, then another overdraft fee a day later because you couldn't pay the first overdraft fee, etc...