What is a Automated Teller Machine Called History and Evolution

Automated Teller Machines have a fascinating history that dates back to the 1960s. The first ATM was developed by a team of engineers at Barclays Bank in the UK, who created a machine that could dispense cash to customers using a magnetic card.

The first ATM was a simple machine that could only dispense cash, but it marked the beginning of a revolution in banking technology. The first ATM was launched in 1967 at a Barclays Bank branch in London.

The first ATM was called a "De La Rue Automated Cash System", but it was later renamed to the more familiar term "Automated Teller Machine." This name change reflects the machine's ability to perform multiple functions beyond just dispensing cash.

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The first ATM was pioneered in the U.S. by Donald Wetzel, who was a department head at Docutel, a subsidiary of Recognition Equipment Inc of Dallas, Texas, in 1968.

Chemical Bank installed the first ATM in the U.S. on September 2, 1969, at its branch in Rockville Centre, New York. The first ATMs were designed to dispense a fixed amount of cash when a user inserted a specially coded card.

By 1974, Docutel had acquired 70 percent of the U.S. market, but the company lost its independence and was forced to merge with the U.S. subsidiary of Olivetti due to the early 1970s worldwide recession.

The first automated banking machine was actually the creation of an American inventor and businessman named Luther Simjian, who held patents on various inventions, including the Bankograph, a machine that could accept cash or check deposits at any hour of the day or night.

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In 1968, Donald Wetzel pioneered the ATM in the U.S. as a department head at Docutel, a subsidiary of Recognition Equipment Inc of Dallas, Texas.

The company was instructed to explore automated baggage handling and automated gasoline pumps, but Wetzel took a different path.

On September 2, 1969, Chemical Bank installed a prototype ATM in Rockville Centre, New York, designed by Wetzel and his company Docutel.

The first ATMs were designed to dispense a fixed amount of cash when a user inserted a specially coded card.

Chemical executives were initially hesitant about the electronic banking transition due to the high cost of the early machines and concerns that customers would resist having machines handle their money.

By 1974, Docutel had acquired 70 percent of the U.S. market, but the company lost its independence and was forced to merge with the U.S. subsidiary of Olivetti due to the early 1970s worldwide recession.

Donald Wetzel was granted U.S. Patent # 3,761,682 in 1973, but the patent record cites at least three previous applications from Docutel where Wetzel does not figure.

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The Early Days of Banking were marked by innovation and experimentation.

Luther Simjian, an American inventor and businessman, is credited with creating the first automated banking machine, the Bankograph.

This machine could accept cash or check deposits at any hour of the day or night.

A microfilm camera inside the Bankograph took a snapshot of every deposit, providing customers with a receipt.

However, the Bankograph didn't catch on, mainly because it was used by a niche group of customers, such as prostitutes and gamblers who avoided dealing with tellers.

Today, even remote areas like Antarctica are serviced by ATMs, with two machines located there.

ATMs have revolutionized the way we handle banking transactions, making it possible to perform a wide range of services outside of traditional bank branches.

You can withdraw cash from an ATM, and the daily withdrawal limit varies depending on your bank and account type.

ATMs also allow you to pay routine bills, fees, and taxes, such as utilities, phone bills, and social security, among others.

In addition to cash withdrawals and bill payments, ATMs can print or order bank statements, update passbooks, and even process cheques.

Some ATMs also offer advanced services like cash advances, transferring money between linked accounts, and depositing currency recognition, acceptance, and recycling.

Here are some common services you can find within automatic teller machines:

An ATM is essentially a big computer designed to handle your financial requests. It's made up of several key components, including the screen, keypad, ATM card reader, printer, and cash dispenser.

The mainboard is the heart of the ATM, connecting all other parts and storing the CPU and memory. This is where the processing happens.

The ATM card reader is where you insert your debit or credit card, allowing the machine to read the information from the EMV chip. This chip stores your account information.

You'll also find the printer, which is used to print checks, and the cash dispenser, which is responsible for dispensing cash.

Here are the main components of an ATM:

When you use an ATM, your request is sent to your bank, which then approves or denies the transaction based on your account balance. The bank's approval is what allows the ATM to dispense cash.

Automated teller machines, or ATMs, come in different types, each offering unique features and services.

Basic ATMs are the most common type, allowing customers to withdraw cash and perform basic services like balance inquiries and mini-statements.

ATMs for depositing cash, also known as deposit machines, enable clients to deposit money directly into a bank account.

Multi-function ATMs offer the most comprehensive services, allowing both depositing money and withdrawing cash, as well as additional services like bill payments and fund transfers.

Cardless ATMs use mobile apps or electronic devices with NFC to withdraw cash, eliminating the need for debit or credit cards.

Here's a breakdown of the different types of ATMs:

An ATM has several features that make it convenient for managing your money.

The parts of an ATM include a keypad where you can enter your PIN, a screen that displays your account information, and a cash dispenser that dispenses cash.

You can use the ATM to withdraw cash, check your account balance, and deposit funds.

The ATM's cash dispenser is located at the bottom of the machine and is designed to dispense cash quickly and efficiently.

ATMs also have a receipt printer that prints out a receipt of your transaction, which can be useful for keeping track of your spending.

The keypad on an ATM is designed to be secure, with a cover that slides over the numbers to prevent anyone from seeing your PIN.