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An automatic teller machine (ATM) is an electronic device which allows a bank's customers to make cash withdrawals and check their account balances at any time without the need for a human teller. Many ATMs also allow people to deposit cash or cheques, transfer money between their bank accounts or even buy postage stamps.
The world's first ATM was produced by NCR in Dundee, and installed in Enfield Town in the London Borough of Enfield, London on June 27, 1967 by Barclays Bank. This instance of the invention is credited to John Shepherd-Barron , although George Simjian registered patents in New York, USA in the 1930s and Don Wetzel and two other engineers from Docutel registered a patent on June 4, 1973.
Early cards were retained by the machine and worked on various principles including radiationRadiation generally means the transmission of objects or information from a source into a surrounding medium or destination. Within physics, related concepts are: Ionizing radiation is a stream of particles (photons or other particles) with sufficient ene and low-coercivity magnetismIn physics, magnetism is a phenomenon by which materials exert an attractive or repulsive force on other materials. Some well known materials that exhibit easily detectable magnetic properties are iron, some steels, and the mineral lodestone; however, all that was wiped by the card reader to make fraud more difficult.
In modern ATMs, customers authenticate themselves by using a plastic card with a magnetic stripe, which encodes the customer's account number, and by entering a numeric passcode called a PIN ( personal identification numberA personal identification number (PIN is a numeric value that is used in certain systems to gain access, and authenticate. PINs are a type of password. Ignorance of the expansion of the acronym often leads to the erroneous usage PIN number in which the ac), which in some cases may be changed using the machine. Typically, if the number is entered incorrectly several times in a row, most ATMs will retain the card as a security precaution to prevent an unauthorised user from working out the PIN by pure guesswork. Earliest versions accepted a single-use token or voucher, and the latest ATMs read and store customer data on a smartcardA smartcard or smart card is a tiny secure cryptoprocessor embedded within a credit card-sized or smaller (like the GSM SIM) card. History Smart cards were invented and patented in France by Roland Moreno in the 1970s. Their first mass usage was payment i.
Most ATMs are connected to interbank network s, enabling people to withdraw and deposit money from machines not belonging to the bank where they have their account. This is a convenience, especially for people who are travelling: it is possible to make withdrawals in places where one's bank has no branches, and even to withdraw local currency in a foreign country, often at a better exchange rate than would be available by changing cash.
ATMs rely on authorizationThe process of deciding if device X is allowed to have access to service Y. This is where the concept of trusted exists. Trusted devices (the device is authenticated and indicated as "trusted"), are allowed access to services. Untrusted or unknown devices of a transaction by the card issuer or other authorizing institution via the communications network.
Many banks in the United States charge fees for the use of their ATMs. In some cases, these fees are assessed solely for non-bank members, in other cases they apply to all users. Many oppose these fees because they are actually saving money for the banks; ATMs are, though more convenient than withdrawls from human tellers, less costly for the banks.
When the ATM surcharges emerged in the 1990sCenturies: 19th century 20th century 21st century Decades: 1940s 1950s 1960s 1970s 1980s 1990s 2000s 2010s 2020s 2030s 2040s Years: Events and trends Computers, technology Explosive growth of the Internet; decrease in the cost of computers and other techn, they usually were on the order of $0.25, a number fairly representing the cost of the transaction. Quickly, however, they climbed. ATM fees now commonly reach $1.50, and can be as high as $5.00, especially around bars and casinos. In cases where fees are paid both to the bank and the ATM owner, this means that withdrawal fees could potentially reach $10.
ATMs are placed not only near banks, but also in locations such as malls, grocery stores, and restaurants. Sometimes, ATMs are advertised for their fees.
In many states, one can circumvent ATM fees by using debit cards at retail stores. Many stores allow a debit-card user to receive "cash back" with an order; that is, one could make a $63 debit on a $13 order and receive $50 in change.
In the United Kingdom, public reaction to proposed fees was so strong that fees were not instated for using ATMs at banks. Machines in garages, nightclubs and other venues do charge, however.
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