We are all undoubtedly familiar with ATM cash machines as part of our daily life routine.
But have you ever considered the history of the ATM, and where this technology might head in the future?
The modern ATM was first born in the 1960s in the United States. According to Wikipedia, “in 1968 the networked cash machine was pioneered in the US, in Dallas, Texas, by Donald Wetzel, who was a department head at an automated baggage-handling company called Docutel.”
The first cash machine in the US was installed in September 1969 by Chemical Bank in Rockville Centre, New York.
Since then, the evolution of the ATM machine has gone in several different directions, including more features from “programmable” ATMs, higher levels of security, and features to taint or otherwise mark bills that are extracted from the machine in an attempted heist.
Although ATM machines introduced a 24 hour banking environment for bank customers in the US and abroad, there are some drawbacks, including daily withdrawal limits, occasional malfunctioning, and higher than ideal fees—between your bank’s fee and the ATM owner’s fee, withdrawing a small amount of cash often carries a total fee today of $4 or higher.
There are now some specialty ATMs, located in cities including New York and Dubai, that dispense gold instead of cash.
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