Automated teller machines (ATMs) are a common sight today, but many people are surprised that the first fully functional machine of this type was developed in the 1960s. In 1967, the first ATM was installed at a North London location of Barclays’ Bank. The machine, which was developed by John Shepherd-Barron, allowed customers to insert checks that had been impregnated with carbon 14, a slightly radioactive substance. The machine would then dispense £10 notes after the check had been approved.
More facts about ATMs:
- Cards with magnetic strips were first developed in 1969, paving the way for today’s modern debit cards.
- By 1994, more than 8 billion ATM transactions were being conducted annually in the United States.
- The most popular day for ATM use is Friday, because that is the traditional payday in many cultures.
- Most people use debit cards to make ATM transactions, but credit card use is not that far behind. On average, a debit card is used 5.9 times each month to withdraw money from an ATM, and a credit card is used 5.1 times per month to withdraw cash.
By Malcolm Tatum
, Writer
Malcolm Tatum, a former teleconferencing industry professional, followed his passion for trivia, research, and writing to become a full-time freelance writer. He has contributed articles to a variety of print and online publications, including WiseGEEK, and his work has also been featured in poetry collections, devotional anthologies, and newspapers. When not writing, Malcolm enjoys collecting vinyl records, following minor league baseball, and cycling.