homeWelcome, sign in or click here to subscribe.login
     


 

 

Business


Subscriber content preview

September 22, 2017

ATM turns 50: How it has changed our behavior

By KEN SWEET
AP Business Writer

NEW YORK — An automated teller machine. The cash machine. In Britain, a cashpoint. ATMs, known for spitting out $20 bills (and imposing fees if you pick the wrong one), turn 50 years old this year. They're ubiquitous — and possibly still a necessity, despite the big changes in how people pay for things.

It was a radical move when Barclays installed cash machines in a London suburb in 1967. The utilitarian machine gave fixed amounts of money, using special vouchers — the magnetic-striped ATM card hadn't been invented yet. There was no way for a customer to transfer money between accounts, and bank employees tabulated the transactions manually at the end of each day.


 
. . .


To read this story in full login or purchase a subscription.




Email or user name:
Password:
 
Forgot password? Click here.