Title : A Brief History of the ATM
link : A Brief History of the ATM
A Brief History of the ATM
"ATM" is a word used by nearly every banking American in the United States. TV ads for banks talk about "free ATMs" or boast that this bank or that bank has "the most nationwide ATMs." Ever wonder how ATMs started, or how they came about?
"ATM" is an acronym for Automated Teller Machine; however, there are many names for this handy modern marvel: in America it's a cash machine, automated/automatic banking machine, automatic transaction machine, or even "hole-in-the-wall." In the UK it's a cashpoint; in other areas of Europe it's the autoteller, cashline machine, or the Bankomat. In Portugal it's the Multibanco; in Norway the Minibank; in Belgium and the Netherlands it's the Automaat, and in India it's the All Time Money. Almost every corner of the globe has one, in one form or another, and they all aim to do virtually the same thing: Provide banking customers with fast, easy access to their cash.
Luther George Simjian built the first cash-dispensing machine in America in 1939, which he called the Bankograph. The Bankograph accepted cash, coin, and check deposits, but did not dispense money, and after a 6 month trial run by the City Bank of New York-today's CitiBank-was removed. The bank chose to remove the machines because of the lack of demand. It seems that the only people interested in using the machines were a handful of prostitutes and gamblers who did not want to see a teller face-to-face to make their deposits.
Over in Europe and Asia, however, their ATMs were focused on dispensing cash rather than depositing it, and in 1966 the first cash-dispensing machine appeared in Tokyo. Instead of using a bank card, though, this machine dispensed cash from a credit card; several other countries put forth several other machines which each in their own way took a baby step towards today's ATMs. Europe put forth a series of machines that dispensed cash to customers via unique checks with a personal identification number that machine used to match the customer to their account; another utilized a one-use coin system, where customers inserted the token and kept it after the cash was dispensed. In the late 1960s into the early 1970s the first plastic cards with magnetic strips on the back were starting to surface, as did fraud prevention steps like low-coercivity magnetism. The security measure of encoding each customer's PIN onto the card followed not too long after, and by 1969 the first modern ATM-as we are familiar with it-showed up in Dallas Texas. Soon more modern machines began showing up in other parts of the world, with the UK presenting its first contemporary ATM in December of 1972.
Today it is almost second nature for customers to slide their bank card into an ATM almost anywhere in the world and receive back cash money. The ATM has come a long way in a relatively short period of time, and without all of the machines and inventors that came before the modern ATM would not be nearly as efficient, convenient, or popular as it is today.
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