A brief history of ATM Machines

A brief history of the ATM dates back to Nyc in 1939 when inventor Luther George Simjian got a bank to publicly try the machine. The effort failed due to lack of customer curiosity at that time. In 1960 a bank in New York City had a cash machine predecessor (the Bankograph) installed that would free up tellers by accepting tool bill payments.

The next automated money dispenser development occurred in 1964. An electronic ATM was set out in North London (UK) but it had been 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 money machines that were the forerunners associated with what we use today.
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There was one type of ATM introduced in 1968 that usually ate the prepaid plastic card plus users would then have to purchase a replacement from a teller.

In 1969, Donald C. Wetzel developed regarding Docutel the first machines utilizing the cards with magnetic strips. Considering 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 nevertheless had problems with accepting and trusting money machines. The machine proved to be very costly to operate.

Docutel led the way to the current ATM machine in 1971 whenever 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 usually led to ATMs as we know them right now.

Today automated cash machines are more common than drinking fountains and they 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 so easy. Some banks use ATM stations for speed and convenience, changing regular human tellers. The popularity is not really surprising considering the convenience. Consumers not be concerned about carrying cash, a stack of credit cards, checks or other financial musical instruments. ATM machines can be adjusted with regard to ticket selling, concert ticket product sales and gift certificates.

What did businesses and the public do prior to the invention of the ATM machine business? Prior to the availability of ATM machines available it was necessary to make a trip to the financial institution during regular business hours for a cash withdrawal. Another alternative had been to carry personal checks around and overwrite the amount at the grocery store or 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 retail outlets make money by charging an use fee when the ATM is used.


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