ATMs are machines that dispense cash and allow you to make other banking transactions. An ATM typically consists of a screen, a card reader, a keypad, a cash dispenser and a printer.
An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account information inquiries, at any time and without the need for direct interaction with bank staff.
ATMs can be found in many locations throughout the world. On-premise ATMs are located at financial institutions such as banks and credit unions, while off-premise ones are commonly offered at places like airports, grocery stores and gas stations.
Using an ATM simply involves inserting your bank-issued ATM card, entering your PIN and following the prompts on the screen to complete your desired transaction.
The idea of out-of-hours cash distribution was first put into practice in Japan, the United Kingdom and Sweden.
In 1960, Luther George Simjian invented an automated deposit machine (accepting coins, cash and cheques) although it did not have cash dispensing features. His US patent was first filed on 30 June 1960 and granted on 26 February 1963.The roll-out of this machine, called Bankograph, was delayed by a couple of years, due in part to Simjian's Reflectone Electronics Inc. being acquired by Universal Match Corporation.
An experimental Bankograph was installed in New York City in 1961 by the City Bank of New York, but removed after six months due to the lack of customer acceptance.
In 1962 Adrian Ashfield invented the idea of a card system to securely identify a user and control and monitor the dispensing of goods or services. This was granted UK Patent 959,713 in June 1964 and assigned to Kins Developments Limited.
A Japanese device called the "Computer Loan Machine" supplied cash as a three-month loan at 5% p.a. after inserting a credit card. The device was operational in 1966.However, little is known about the device.
A cash machine was put into use by Barclays Bank, Enfield, in the United Kingdom, on 27 June 1967, which is recognized as the world's first ATM.This machine was inaugurated by English actor Reg Varney.This invention is credited to the engineering team led by John Shepherd-Barron of printing firm De La Rue,who was awarded an OBE in the 2005 New Year Honours.Transactions were initiated by inserting paper cheques issued by a teller or cashier, marked with carbon-14 for machine readability and security, which in a later model were matched with a four-digit personal identification number (PIN).Shepherd-Barron stated "It struck me there must be a way I could get my own money, anywhere in the world or the UK. I hit upon the idea of a chocolate bar dispenser, but replacing chocolate with cash."
The Barclays–De La Rue machine (called De La Rue Automatic Cash System or DACS) beat the Swedish saving banks' and a company called Metior's machine (a device called Bankomat) by a mere nine days and British Westminster Bank's Smith Industries Chubb system (called Chubb MD2) by a month.The online version of the Swedish machine is listed to have been operational on 6 May 1968, while claiming to be the first online ATM in the world, ahead of similar claims by IBM and Lloyds Bank in 1971,and Oki in 1970.The collaboration of a small start-up called Speytec and Midland Bank developed a fourth machine which was marketed after 1969 in Europe and the US by the Burroughs Corporation. The patent for this device (GB1329964) was filed in September 1969 (and granted in 1973) by John David Edwards, Leonard Perkins, John Henry Donald, Peter Lee Chappell, Sean Benjamin Newcombe, and Malcom David Roe.
Both the DACS and MD2 accepted only a single-use token or voucher which was retained by the machine, while the Speytec worked with a card with a magnetic stripe at the back. They used principles including Carbon-14 and low-coercivity magnetism in order to make fraud more difficult.
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