A brief history of ATM Machines

The history of the ATM dates back to New York City in 1939 when inventor Luther George Simjian got a financial institution to publicly try the machine. The time and effort failed due to lack of customer attention at that time. In 1960 a financial institution in New York City had a cash device predecessor (the Bankograph) installed that will free up tellers by accepting utility bill payments.

The next automated cash dispenser development occurred in 1964. An electronic ATM was set out in North London (UK) but it was very different in operations than modern equipment. This machine would eliminates ten pound sterling amounts of money in exchange for a teller purchased voucher.

The current machine style was a creation of British engineer James Goodfellow. In 1965 he patented the cash machines that were the forerunners associated with what we use today. There was one type of ATM introduced in 1968 that usually ate the prepaid plastic card and users would then have to buy a replacement from a teller.

In 1969, Donald C. Wetzel developed intended for Docutel the first machines utilizing the particular cards with magnetic strips. Given that Docutel was the first company to get a patent for this type of machine, the Smithsonian Museum gives them credit score for being the originator. The public still had problems with accepting and relying money machines. The machine proved to be very costly to operate.

Docutel led the way to the current ATM machine in 1971 if they produced a full-function ATM called Total Teller. By 1973, these machines were capable of issuing cash in variable amounts. By 1974 the online networking component was added which led to ATMs as we know them right now.

Today automated cash machines tend to be more common than drinking fountains and are so prevalent they are very easy to find. They are found worldwide, even as far as Antarctica. The ability to use a little plastic debit or credit card in order to withdraw cash as desired or needed from these machines is just very easy. Some banks use ATM channels for speed and convenience, changing regular human tellers. The popularity is not really surprising considering the convenience. Consumers no longer be concerned about carrying cash, a stack of bank cards, checks or other financial devices. ATM machines can be adjusted regarding ticket selling, concert ticket product sales and gift certificates.

What did businesses and the public do prior to the invention of the ATM machine company? Prior to the availability of ATM machines available it was necessary to make a trip to the lender during regular business hours for any cash withdrawal.
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Another alternative has been to carry personal checks around and overwrite the amount at the grocery store or even other locations that might allow that type of transaction.

There is a growing CREDIT machine business opportunity for those willing to bring a machine into their store or business location. Modern automated teller machines can access many different interbank networks. Most banks and stores make money by charging an utilization fee when the ATM is used.