WORLD'S FIRST ATM
THE LONGEST LIST OF THE LONGEST
STUFF AT THE LONGEST DOMAIN NAME AT LONG LAST
Where was the world's first ATM?
ATM stands for Automatic Teller
Machine, but you already knew that so just enter your PIN and well let you in on
The idea of
the ATM came to Don Wetzel who was also a co-patentee. He got his light bulb
moment while standing in a bank line up in Dallas in 1968 which gave him lots of
spare time to think.
Just a year and $5 million later a working prototype was ready and the world's
first ATM was installed in New York at the Chemical Bank at 10 N. Village
The first ATM
was not connected by computers and withdraws were not updated in real time so
it's use was limited to credit card holders only.
It was not until 1971 till the first full service ATM
that allowed withdraws, deposits and transfers came into being.
Now let's go back to 1939 when Luther George Simjian
registered 20 patents for a hole in the wall machine to let customers make
financial transactions. His invention actually had a 6 month working trial
period, but never took off as there was no demand for it.
Finally, for your approval, we have John
Shepherd-Barron. His ATM was installed in the London branch of Barclays Bank in
1967. His ATM took checks impregnated with Carbon 14 which were pre-bought from
a bank teller to be used in the ATM.
Now before you start yelling and
screaming at them, neither of the three created the first ATM fees, in fact
service charges did not start robbing us until the 1980's, but even then they
were a mere $.25.
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