Hello Dancingina,
Below you will find information and facts about the first Automated Teller Machine.
A Columbia Encyclopedia entry at Infoplease states:
?The first ATM was installed in 1969 by Chemical Bank at its branch
in Rockville Centre, N.Y. A customer using a coded card was dispensed
a package containing a set sum of money.?
The Columbia Electronic Encyclopedia, 6th ed.
Copyright © 2005, Columbia University Press..
Infoplease
http://www.infoplease.com/ce6/sci/A0805407.html
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According to Forbes.com, 85 Innovations 1959-1971, the first ATM was
installed at a Long Island branch of Chemical Bank in 1969.
Excerpt:
?Bankers talked about automated cash dispensers for years, but Donald
Wetzel, a former minor league baseball player and IBM salesman, gets
credit for the first working model. The vice president of product
planning at Docutel, then an automated baggage-handling equipment
maker, installed the first ATM at a Long Island branch of Chemical
Bank. The first machines were offline, but today some 1.1 million
units are linked together across the globe. Wetzel left Docutel to
start his own companies that sold banking equipment like vault doors.?
Forbes Magazine
http://www.forbes.com/forbes/2002/1223/172_print.html
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From the 2005 ATM Industry Fact Sheet: History of the ATM Industry
?The world?s first automated teller machine (ATM) was deployed in the
United Kingdom by Barclays Bank in June 1967. This voucher-based
system required consumers to insert a paper voucher into a device that
would then dispense cash in fixed increments. The first modern,
magnetic stripe card-based ATM was deployed in Rockville Centre, NY by
Chemical Bank in September 1969. Second generation ATMs, which offered
more advanced transactions such as deposit acceptance, were slowly
deployed across the United States, Europe, and Japan throughout the
1970s.
?The nation?s first ATM was deployed in 1969 at a Chemical Bank in
Rockville Centre, NY .?
?An early 1970s NCR ATM, which was deployed at a Keycorp Bank branch
in Dayton, OH, now resides at the Smithsonian Institution in
Washington, DC?
https://www.atmianortham.com/ResourceCenter/resourcepdf/2005ATMIndustryFactSheet.pdf
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?In September 1969, the first automatic teller machine (ATM) was
installed in the Long Island branch of Chemical Bank. Thirty years
later and almost 10 years after the passage of the Americans with
Disabilities Act (ADA), blind people and others who could not read
standard print still could not reliably and independently use an ATM
anywhere in the United States. The only machines in the world that
provided audible output to assist users who could not read an ATM
screen were 12 ATMs that were installed in Canada by the Royal Bank of
Canada.?
American Foundation for the Blind.
http://www.afb.org/afbpress/pub.asp?docID=aw040106
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1969: America?s First ATM
?Don Wetzel was waiting in line at a bank in Dallas in 1968 when he
got the idea for an automatic teller machine. Wetzel, the Vice
President of Product Planning at a firm that developed automated
baggage-handling equipment, worked with two associates to develop a
machine that dispensed cash. They also created the first ATM card with
a magnetic strip. In 1969, Chemical Bank revolutionized banking by
installing the first modern ATM in its Rockville Centre branch at 10
N. Village Avenue. Today, the bank is the Long Island regional
headquarters for JP Morgan Chase. The ATM, shown here, was built into
a wall on the street. A cash dispenser only, it wasn?t until 1971 that
an ATM capable of performing all the functions of today?s "total
teller" ATMs was created.?
Newsday
http://www.newsday.com/other/special/ny-iholi0522story,0,2012187.htmlstory?coll=4thrail-bottom-promo
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?The first ATM in the United States was installed on September 2,
1969, at the Chemical Bank branch on N. Village Avenue in Rockville
Centre.?
Answers.com
http://www.answers.com/topic/rockville-centre-new-york
World History
http://www.worldhistory.com/wiki/R/Rockville-Centre,-New-York.htm
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Brief history of the industry
?It might be argued that the first ATMs were cash-dispensing machines.
England?s Barclays Bank, for example, installed the first cash
dispenser in 1967. But it did not use magnetic-stripe cards; customers
were issued paper vouchers that were fed into the machine, which
retained the voucher and dispensed a single £10 note.?
?Don Wetzel has been credited with developing the first modern ATM.
The idea came to him in 1968 while waiting in line at a Dallas bank,
after which he proposed a project to develop an ATM to his employer,
Docutel.?
?A major part of the development process involved adding a magnetic
stripe to a plastic card and developing standards to encode and
encrypt information on the stripe. A working version of the Docutel
ATM was sold to New York?s Chemical Bank, which installed it in 1969
at its Rockville Center (Long Island, N.Y.) office. Although the
Docutel ATM did use the modern magnetic stripe access card, the
technology remained primitive compared with today?s. The Docutel ATM
only dispensed cash and was an offline machine. To enable payment
processing, the machine printed a transaction record that was MICR
encoded?
?By the early 1970s, ATM technology advanced to the system we know
today. ATMs were first accessed primarily with credit cards, but in
1972, City National Bank of Cleveland successfully introduced a card
with an ATM but not a credit function. ATMs were developed that could
take deposits, transfer money from checking to savings or savings to
checking, provide cash advances from a credit card, and take payments.
ATMs also were connected to computers, allowing real-time access to
information about cardholder account balances and activity. By
connecting a string of ATMs to a centralized computer,
banks established ATM networks.?
Payments System Research Department
Federal Reserve Bank of Kansas City
http://www.kc.frb.org/FRFS/ATMpaper.pdf
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?Chemical Bank installs the first cash dispensing machine in the New
York area in a branch in Rockville Center, Long Island. A predecessor
to the automated teller machine (ATM), this computerized machine
enables customers with Master Charge credit cards (predecessor to
MasterCard) to withdraw money from their accounts.?
NYC Archivists
http://www.nycarchivists.org/exhibit/fintime.html
First automated teller machine, Chemical Bank, 1969
http://www.nycarchivists.org/exhibit/images/13.jpg
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?Don Wetzel was the co-patentee and chief conceptualist of the
automated teller machine, an idea he said he thought of while waiting
in line at a Dallas bank. At the time (1968) Wetzel was the Vice
President of Product Planning at Docutel, the company that developed
automated baggage-handling equipment. The other two inventors listed
on the patent were Tom Barnes, the chief mechanical engineer and
George Chastain, the electrical engineer. It took five million dollars
to develop the ATM. The concept of the modern ATM first began in 1968,
a working prototype came about in 1969 and Docutel was issued a patent
in 1973. The first working ATM was installed in a New York based
Chemical Bank.?
(Editor?s note: There are different claims to which bank had the first
ATM, I have used Don Wetzel's reference.)
http://inventors.about.com/library/inventors/blatm.htm
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Banc One appears to have installed the ATM machine in 1970, after the
Chemical Bank.
Banc One
?In 1970, the bank installed what it called the first ATM in the
country at a suburban Columbus branch.?
http://72.14.207.104/search?q=cache:TUmyxkOAzD4J:www.marionstar.com/news/stories/20040116/localnews/239792.html+%22first+atm%22+%22City+National+Bank&hl=en
?Banc One Corp. rolled out the nation's first ATM in 1970. Early next
year, it may be the first bank to offer check-cashing machine
services.? http://www.bizjournals.com/columbus/stories/1997/10/20/story3.html
Public Meeting Regarding First Chicago NBD and Banc One ?And in 1971,
we launched the first automatic teller machine in the nation.?
http://www.federalreserve.gov/events/publicmeeting/19980813/19980813.htm
?Banc One installed the first ATM in the U.S. in 1970,?
http://findarticles.com/p/articles/mi_m4070/is_n95/ai_16074698
Search terms used:
?first ATM?
?first automatic teller machine?
I hope the information provided is helpful!
Best regards,
Bobbie7 |
