Thursday, September 29, 2011

ATM Services

Posted by Bapak at 7:31 AM

ATM services have been around for a lot of generations.   In fact, only seniors would be able to recall the days when ATMS were not around.  Everyone else just aboutgrew up with the technology, including Baby Boomers.  This is really because the technology was in place even during the 1960s.  Granted, in those days the automated teller machines were very primitive, but they were still convenient.  With the advent with this technology, banking customers no longer had to walk inside to obtain their money.

ATMs in the early days

Decades before ATMs became widespread, several lesser-known machines were installed at larger banking institutions.  While they do not meet today’s definition of ATMs, they capitalized on the same kind of idea.  The best examples include the examples below:

• Bankography - It was set up during 1960 in NYC

• Cash Dispenser - It was used in London during 1967

• Card Eating Machine - It was also employed in London during 1960

The main aim of these machines was to give customers a new method for completing certain transactions.   The Bankograph allowed customers to pay for utility bills without having the aid of tellers.  The machine even furnished paper verification.  Cash Dispenser took things to a whole new level, though customers needed to purchase vouchers before making use of the machine.   The machine that dubbed itself a “Card Eater” had the same problem, except customers would purchase cards rather than vouchers.  In both cases, a person would have to go inside to buy these items.

The Next Generation

In 1969, automated teller machines began taking on a far more modern day face.   Companies created special cards that could be used in the machine… cards that didn't have to be purchased multiple times.  Customers loved this idea, and that's why banks began making use of them within their advertising campaigns.  In turn, ATM cards started to flourish.  Their developments happened in the following order:

• Magnetic coding

• Increased ad campaigns

• The emerging of Docutel (who acquired a patent for their technology)

The Docutel is regarded as the first “official” ATM machine.  This is mainly because it used the magnetic stripes that define ATM cards today.   In addition, it changed how banks would market their services.   Once Chemical Bank acquired Docutel’s machine, they started advertising how their chain allowed individuals to make transactions beyond normal business hours.  Other banks would follow suit, though there were a few that opted for other manufacturers.  They include:

• Diebold

• Fujitsu

Obviously, it would still take a few years before ATM services became mainstream.   Banks were hesitant to use them because they were afraid customers would not trust a machine with their money.  Fortunately, that didn't stop the ATM’s growth.   Additional machines would advance the technology.  They include:

• Total Teller, created in 1971 (by Docutel)

• Proliferation, created in 1973 (by Diebold)

• Online ATM machines in 1974


During the 70s and beyond, ATMs services were no longer an idea of fantasy.  People not only used them, but they also felt the systems were more convenient and trustworthy than human tellers.   This attitude still continues, as a large number of ATM transactions are conducted on a daily basis.

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