Happy 50th Anniversary to the ATM

Posted on: April 21st, 2017

ATM - Golden Anniversary Logo

It’s the Golden Anniversary of the ATM! The first ATM was put into use by Barclays Bank in its Enfield Town branch in north London, United Kingdom, on June 27, 1967. Can it really be 50 years since the first automated teller machine (ATM) was introduced?

The ATM is most certainly the most important financial innovation we’ve seen in the past 50 years. It seems extraordinary that, 50 years after its introduction, the ATM remains at the forefront of the consumer banking experience. And the reason is simple…CASH!

Cash remains an important payment method and ATMs represent the preferred method to access money for many consumers. As digital devices go, an ATM will always stand alone in putting paper currency directly into the consumer’s hand 24/7.

When it comes to accessing services from their bank, 61 percent of consumers name the ATM as the channel they most often choose, according to Accenture. It is surpassed only (and narrowly) by online banking at 63 percent.

There are more than 400,000 ATMs strategically located at financial institutions or through independently-deployed ATMs in the United States. Worldwide the number of ATMs has surpassed the 3 million mark.

While we are familiar with the use and convenience of ATMs for dispensing cash, there are also some creative and unconventional functions that the ATM has been used for since it has evolved…from getting fresh cupcakes to a thanking machine, where gifts are bestowed to unsuspecting customers https://www.atmia.com/news/the-creative-and-unconventional-functions-that-the-atm-has-been-used-for/4600/

Clear Mountain Bank offers access to surcharge-free ATMs at every Sheetz location and at thousands of MoneyPass® ATMs nationwide. To find a MoneyPass ATM near you, visit www.moneypass.com or download the MoneyPass ATM Locator for your smart phone.

 

Information taken from BAI.org and atmmarketplace.com

 

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