September 2nd, 2019 mark the 50th anniversary of the ubiquitous money dispenser in the U.S. The automated teller machine – known primarily now as ATM – made its American debut at a Chemical Bank in Rockville Centre, Long Island, on Sept. 2, 1969.
7 milestones in the evolution of the ATM:
A. 1967 – The first “self-service cash dispenser” is open for business at a Barclay’s bank outside London. Its creator John Shepherd-Barron was inspired by a candy bar vending machine.
B. 1969 – The ATM comes to America. Chemical Bank debuts its Docutel cash dispensing machine in Rockville Centre, Long Island.
C. 1970 – City National Bank & Trust Company unveils the “Cash ‘n’ Carry” machine which has a mini-computer that processes credit card transactions using the card’s magnetic strip, along with a customer’s personal identification number.
D. 1982 – Thirty-four banks across the U.S. create the Plus System, an interbank ATM network that enables their customers to withdraw money from banks other than their own.
E. 2009 – Chase ATMs start accepting up to 30 checks or 50 bills in a single transaction without requiring a deposit slip or envelope.2018 – Chase, the No.1 bank chain in the U.S., added Apple Pay to 15,500 ATMs, following Bank of America and Wells Fargo, enabling customers to tap their smartphones at ATMs to withdraw cash without reaching for a debit card.
F. Today – There are over 3 million ATMs across the globe.Pls SUBSCRIBE below to our Youtube channel and mailing list to get fresh updates on money making and inspiring videos and articles.