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Texas ISD School Guide
Texas ISD School Guide







Short Stories for Teachers

The History of the Automated Teller Machine
By:Billings Farnsworth

When we drive up to an Automated Teller Machine (ATM) to withdraw cash quickly, we rarely think about the machine dispensing the cash. And that is part of the genius of the design. ATMs are machines that allow us to expedite a necessary task in life without worrying about the machine's functionality. However, years of experimenting and development went in to the invention of the machine in order to make it safe, reliable, and secure so that we don't have to think twice about it.

The first mechanical cash dispenser was developed in 1939 by Luther George Simijian and installed in New York City by the City Bank of New York. However, the machine was removed after only six months due to the lack of customer acceptance. People were uncomfortable using an unknown technology. The lack of acceptance for the first machine was a major reason that the next working ATM wasn't implemented until twenty-five years later.

That machine, the first working ATM, was developed by De La Rue and installed at Barclays Bank in London, England in 1967. The invention was credited to engineer John Shepherd-Barron. The machine accepted a token or voucher and then dispensed pre-packaged envelopes of ten pounds sterling. The idea of using a Personal Identification Number or PIN was developed by a British engineer in 1965, shortly before the first networked ATM was invented.

Most ATMs today enable people to deposit and withdraw money from machines not belonging to their own bank account by using interbank networks. Donald Wetzel, a department head at Docutel, an automated baggage-handling company, developed the first networked ATM in 1968.

Today ATMs can be found just about anywhere. They allow us quick and easy access to funds and help the world's economy function in more efficient ways.

MetroPacific Bank is a full-service bank in Irvine, CA http://www.metropacificbank.com/ which provides both business and personal banking.
Billings Farnsworth is a freelance writer.






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