Friday, October 31, 2008

In 1939, Luther George Simjian installed the first ATM(Automated Teller Machine). It was placed next to the City Bank of New York but removed after six months because of a lace of customer acceptance. 25 years later, De La Rue introduced the first electronic ATM in North London for the Barclays Bank. The machine originally used a single use voucher or token to get the money. 
In 1968, the ATM was networked in Dallas, Texas by Donald Wetzel, who was department head at Docutel. With easy access to money, being close to the bank that one belongs to no longer mattered and it made all money withdrawals quick and convenient. The banks were also less crowded and required fewer tellers as a result of people not needing other people to give them the money. 
Similar technology to the ATM was used to develop machines that distribute postage stamps, lottery tickets, train tickets, and concert tickets thus taking away jobs that people could be doing.

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