For a very long time, ATM machines served an important role in the lives of people. They made cash deposits easy to access and made transacting in banks very convenient. Also, they made withdrawal and depositing of cash possible almost in any location.
These cash dispensers have always been handy in times of need. ATMs are truly a lifesaver during moments where you ran out of cash in the supermarket, or your credit or debit card went unpredictably offline. Moreover, these dispensers also save you from a great deal of trouble in times where banks are packed with people.
Named as the Automated Teller Machine, the ATM changed banking around the world. The machine has been present in the early nineteenth century but people were not really open-minded towards it. History has it that early ATMs were not successful since their creation was too early for their time.
Several people are known to have made their contribution in the development of the machine. The earliest prototype was in 1939 and was developed by Luther Simjian. He named his creation the “hole-in-the-wall”. Despite its promise however, it was met with negative response and doubt.
In 1967, another prototype was created by John Shepherd Barron and was installed at Barclays Bank in Enfield. Barron however did not patent his creation but rather regarded his technology as a “trade secret”. Barron feared that patenting his creation would involve disclosure of his invention’s coding system thus making it possible for criminals to break the codes out.
In 1968 a baggage-handling machine was created by Don Wetzel. His creation served as another prototype of the ATM. It came to the market in 1969 and received its patent in 1972. The first functional machine was installed in a Chemical Bank in New York.
Since its existence, more than a million ATMs were installed all over the world. In fact, certain studies show that every five minutes, an ATM machine is being installed somewhere in the globe. Its first coming may not been met well by people but it is certainly one of the most important equipment of the current world system.
Modern Automated Teller Machines are connected to complex interbank networks which makes it possible for people to make transactions from any machine. To gain access, an individual must have an ATM card that is linked to his or her bank account. The machine then reads the card’s Terminal Identification Number (TID) to facilitate the transaction with the cardholder’s bank.
However, even though the ATM is one of the handiest equipment of today, nothing much is known about these “cash points”. People of today don’t give much thought on the important episodes that led to the development of these magnificent machines. Similar to all other significant creations, the story behind the birth of ATMs is buried deep in history.
The creation of ATM machines gave the world a great banking convenience. The twenty-four hours a day, seven days a week banking possibility made bank transactions easier and more convenient than ever before. With just a card and a touch of buttons, people can now withdraw cash, make deposits, pay bills, and transfer funds anytime and almost anywhere.