Homepage / Technology / 5 fun facts about the ATM, in honor of its 50th birthday
Business Online Solutions What Is a Board Analysis? The Importance of Planning and Programs Development How Board Governance Software Improves Meetings and Governance How to Craft a Successful Board Meeting Reminder Benefits of a Virtual Data Room for Bankruptcy VDR Example for Business Hong Kong ユースカジノの登録方法を初心者にも分かりやすく図解入りで解説 チェリカジ 5 Как быстро пополнить счет в Казино Х в любой валюте Официальный сайт Up X казино и мгновенные игры Paşa Casino Mobil Uygulama 2025 Giriş Üyelik Bonusu Freespin No Deposit Bonus Casino Free Spins In New Zealand What Are The Best Online Casinos For Real Money Pokies And Bonuses In Australia Дэдди Казино официальный сайт Джойказино: информация про официальный сайт Glory Casino giriş için buraya tıkla ve Türkiyede en popüler casino kullanıcısı ol Les Gambling establishments en Ligne en France 2024 200% Reward + 300 Free Rotates LevelUp Internet casino Melbourne En İyi ve Güvenilir Casino Siteleri Canlı Casino Siteleri 2023 Listesi En İyi ve Güvenilir Casino Siteleri Canlı Casino Siteleri 2023 Listesi Le meilleur casino en ligne franзais Extra Casino avec le dйpфt minimal le in addition bas Yeni Casino Siteleri ᐈ Çevrimiçi Kumarhaneler Mart 2024 Les gambling establishments en ligne proposent une grande variйtй de jeux de internet casino gratuits. Türkiye’deki Resmi Web Sitesi Google Play, Türkiye’de kumar oyunlarına izin verecek Her Gün Tatil Olsa ORDU’DA PAZARTESİ GÜNÜ FINDIK FİYATI NASIL? كازينو اون لاين الكازينوهات الممتازة على الإنترنت ألعاب الكازينو المباشرة مينا كازينو العر Google Play, Türkiye’de kumar oyunlarına izin verecek Domain Sorgulama & Domain Fýrsatlarý Canlı Casino Siteleri: 2024 Güvenilir Siteler Seçilmiştir Golden Easter Slot İncelemesi 2024, Demoyu Ücretsiz Oynayın Golden Easter Slot İncelemesi 2024, Demoyu Ücretsiz Oynayın 1xbet Türkiye Giriş Empieza Kayıt 202 Kumar Ve Kumarhaneler Hakkında Pek İlginç 21 Bilgi Kumarhane Doğru Yazımı Nedir? Tdk Ile Kumarhane Kelimesinin Doğru Yazılışı! Mobilbahiste En İyi Kumar Bonusları Ve Kazançlar Mobilbahis Giriş Sayfası On Line Casino Siteleri En Iyi Casino Siteleri 2024 Mostbet: Türkiye’de Internet Casino Mostbet Online Slotlar Ve Canlı-casin Pin Up Casino Oyna Türkiye, Pinup’un Sah Web Sites Ifade Haberleri Son Dakika Ifade Hakkında Güncel Haber Ve Bilgiler “önceliğimiz Transferin Önünü Açmak, Görüştüğümüz Yerler Var” On Line Casino Nuh’un Gemisi Deluxe Resort & Spa, Kıbrıs The Benefits of Document Management Bonus Veren Siteler 3 000 Den Fazla Online Oyunu Ücretsiz Oyna En Tehlikeli Kumar Oyunu Ekşi Sözlük Deneme Bonusu Veren Siteler Deneme Bonusu 2024 Explore the Magic of WildCardCity Güvenilir Bahis Siteleri En İyi Kumar Siteleri Balıkesir Triatlonuna Avrupadan Ödül Tricks of the Aviator gambling establishment game by Spribe Çevrim Içi Kumar Siteleri “bonus” Yalanıyla Kandırıyor En Güvenilir Canlı On Line Casino Siteleri Xbetting-tips Com Uncovering the Abundant Tapestry of Ozwin Gambling establishment Evaluating Board Portal Providers Uncovering the Wealthy Tapestry of Ozwin On line casino Electronic Data Area Providers Evaluation Cobra Internet casino: Raising the Australian On the internet Video gaming Practical experience 4 Things to Search for in Safeguarded Cloud Safe-keeping Fastpay On line casino Australia – Simple and No-Taxation Wagering Web page officielle franзaise de Joka Gambling establishment The Software Development Universe Game Woo Internet casino – Enjoy Slot machine games around australia Ostdeutsche Biersorten What Are Virtual Data Rooms? Vitamin D Receptor Polymorphisms Revue du Casino BlackLabel Faktory, kterй ovlivnujн hodnocenн ceskэch online kasin How to Make the Most of Your Web Development Organization and Advertising Efforts L’essor des casinos en ligne en France Boost Meeting Efficiency With Boardroom Technology Developments WildJoker Casino WildCardCity On line casino – Guaranteed Australian Gambling Portal WildCardCity Casino – The Ideal On the internet Gambling establishment within australia Modern Technologies Produce Sharing Documents Online Faster and More Protect Free Virtual Info Room pertaining to Speedy Due Diligence A Review of Data Area Software For people who do buiness Five Board Bedroom Features Which will help You Acquire a More Productive Boardroom Electronic Systems To your Business Understanding Legal Terms and Laws in Today’s World The Laws and Contracts of Hollywood: A Sunset Blvd. Tale Legal Discussion Between Johnny Cash and Antonin Scalia Legal Insights: What Teens Should Know Legal Issues and Exceptions: What You Need to Know Legal Insights and Expert Analysis Celebrity Dialogue: Legal Matters in the 21st Century Famous Personalities Discuss Legal Issues The Boys in the Boat: Legal Advisors and The Quest for Legal Knowledge Understanding Legal Matters: Q&A on Criminal Law, Joint Ventures, and More Enticing Title The Departed: Understanding Basic Work Requirements and Legal Rights Youth Slang Blog Article Legal Insights: A Journey into the World of Law The Ins and Outs of Legal Matters: Everything You Need to Know Legal Insights and Trends: A Rap Guide Mysterious Legal Matters Unveiled Insights and Information: Understanding Various Laws and Regulations Famous People of the 21st Century


5 fun facts about the ATM, in honor of its 50th birthday

They’re as common as bathrooms and, at this point, about as vital to everyday life: ATMs, or Automatic Teller Machines, which date back to 1967 and which, in their current form, enable consumers to withdraw and deposit cash, transfer money, check balances and balance checks, all without setting foot inside a bank.

In honor of the fiftieth anniversary of this glorious invention, here are five facts that perhaps you didn’t know about ATMs.

In its story of the birth of the machine, The Atlantic spreads the credit around in several different directions, noting “three independent efforts, each of which entered use in 1967: the Bankomat in Sweden, and the Barclaycash and Chubb MD2 in the U.K.”

History.com skims past those European efforts to credit to “Don Wetzel, an executive at Docutel, a Dallas company that developed automated baggage-handling equipment,” who, it says, “is generally credited as coming up with the idea for the modern ATM.” His version, which could do nothing but dispense cash, debuted on September 2, 1969, in New York City.

The Wikipedia entry for the ATM, however, tartly disagrees, saying that “it is widely accepted that the first ATM was put into use by Barclays Bank in its Enfield Town branch in north London, United Kingdom, on 27 June 1967.” The entry draws on a delightful BBC profile of “The Man Who Invented the Cash Machine,” John Shepherd-Barron, who, while he was in the bath, had a eureka moment.

“It struck me there must be a way I could get my own money, anywhere in the world or the U.K.,” Shepherd-Barron tells the BBC. “I hit upon the idea of a chocolate bar dispenser, but replacing chocolate with cash.”

And, although an account by the Smithsonian gives credence in a general way to the Barclays version of events, it says that the brainstorm-in-the-bath part is bollocks. “It’s a good story, although it’s almost certainly not true – ‘absolutely rubbish,’ laughed professor Bernardo Batiz-Lazo, professor of business history and bank management at Bangor University, Wales, and the co-author of a book on the history of the ATM.”

Instead, Batiz-Lazo went even further back and “pointed to American Luther George Simjian’s invention of the Bankograph in 1960, machine that would allow bank customers to deposit checks and cash into a machine and that spent a short time in the lobby of a New York bank.” Unfortunately, the Smithsonian notes, that version “didn’t catch on: ‘The only people using the machines were prostitutes and gamblers who didn’t want to deal with tellers face to face,’ Simjian supposedly said).”

The BBC calls the invention of the four-digit Personal Identification Number, or PIN, the “by-product of inventing the first cash machine.” It reports that “Mr. Shepherd-Barron came up with the idea when he realized that he could remember his six-figure army number. But he decided to check that with his wife, Caroline. ‘Over the kitchen table, she said she could only remember four figures, so because of her, four figures became the world standard,’ he laughs.”

Those were the original Barclays Bank machines, which dispensed £10 or about $14. Nowadays, the most you can get is $3,000 from a Chase ATM or $2,000 from a PNC machine, depending on the kind of account you have, according to GOBankingRates.

Most banks, that finance site reports, put the upper limit at $1,000, but for some, including HSBC, it’s as low as $500, and in the case of First Citizen’s Bank, only $400.

ATMs’ popularity took hold in the 80s, and now there are over three million ATMs around the world, including one as far away as Antarctica. Someone installs a new machine about every three minutes.

In the pre-ATM world, millions of Americans didn’t bother with bank accounts, the Smithsonian reports. They received their salaries in cash and then paid their bills with, well, bills. But ATMs made banking far more convenient — and, also, kind of cool.

Using banks became the norm, and their popularity became so entrenched so quickly and that it persisted even after banks started charging customers fees to use the machines in the 1990s.

Like this story? Like CNBC Make It on Facebook.

Don’t miss: 3 self-made millionaires share their No. 1 money-saving trick

Source: Tech CNBC
5 fun facts about the ATM, in honor of its 50th birthday

Comments are closed.