The first ATM ever


WORLD'S FIRST ATM
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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 rest.

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 Avenue.

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.


The first ATM ever

The first ATM ever

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