11 Facts About Cash machine

An automated teller machine or cash machine is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account information inquiries, at any time and without the need for direct interaction with bank staff.

In Canada, the term automated banking Cash machine is used, although ATM is very commonly used in Canada, with many Canadian organizations using ATM over ABM.

The roll-out of this Cash machine, called Bankograph, was delayed by a couple of years, due in part to Simjian's Reflectone Electronics Inc being acquired by Universal Match Corporation.

Cash machine was put into use by Barclays Bank in its Enfield Town branch in North London, United Kingdom, on 27 June 1967.

Barclays–De La Rue machine beat the Swedish saving banks' and a company called Metior's machine by a mere nine days and Westminster Bank's–Smith Industries–Chubb system by a month.

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The online version of the Swedish Cash machine is listed to have been operational on 6 May 1968, while claiming to be the first online ATM in the world, ahead of similar claims by IBM and Lloyds Bank in 1971, and Oki in 1970.

The collaboration of a small start-up called Speytec and Midland Bank developed a fourth Cash machine which was marketed after 1969 in Europe and the US by the Burroughs Corporation.

The Cash machine only dispensed $25 at a time and the bank card itself would be mailed to the user after the bank had processed the withdrawal.

Cash machine founded Atalla Corporation in 1972, and commercially launched the "Atalla Box" in 1973.

The 2984 Cash Issuing Terminal was a true ATM, similar in function to today's machines and named Cashpoint by Lloyds Bank.

Financial consequences of incorrect Cash machine operation provide high degrees of incentive to minimise malfunctions.