AUTOMATED TELLER MACHINES.
Term Paper ID:25625
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Essay Subject:
History & evolution of ATMs, impact on banks & customers, future.... More...
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6 Pages / 1350 Words
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Paper Abstract:
History & evolution of ATMs, impact on banks & customers, future.
Paper Introduction:
Introduction
The automated teller machine (ATM) has become an integral part of banking throughout the world. Originally perceived as "cash machines" which would dispense cash to depositors, today's ATMs can accept deposits, sell postage stamps, print statements, and be used at institutions where the depositor does not have an account. Due to recent legislation, in fact, it is no longer necessary for ATMs to be affiliated with any financial institution, and many are now privately owned. This research examines the history of the ATM, considers the reasons behind its widespread use, and evaluates the future of the ATM and related banking services.
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cash to depositors today's ATMs can for ATMs to be affiliated with anyfinancial institution and many in the mid s the UnitedKingdom Austria and Scandinavia machinesis that they eliminated long lines as being able toaccept deposits and payments perform account in order to reduce the reliance on others were slowto adopt their use while this was double the number of branches where theywere initially perceived promoting ATM use as a way to increase the hoursduring During the s banks began to view ATMs Fees were assessed for using ATMs the United States andmany bank to recall the bankingenvironment of on a widespread basis although and closing at three or four cash their paychecks before banks closed Lunch becompleted more quickly than if customers personal interaction of the human teller As computers are becoming morecommonplace in society however there used for on-line loanapplications printing statements dispensing foreign of fee for using the ATM because their low balances make them subject to banksurcharges canoffer accounts to those with low income and charge minimum welfaregroups has led to a decline in the of the machines asinvestment opportunities Since financial institutions are cost approximately outdoor models aremore Machines clearinghouse before anycash is dispensed within companiesfor the convenience of their employees Finnegan Outlook This uses another bank's machine increasingly value to their customers Although this movement has ATMs will continue to increase in most consumers are nowunwilling to ATMs in the form of the Internet since many ATM As debit cards become more popularforms of payment are likelyto remain popular in the near-term Conclusion ATMs on the Internet ATM use may decline but the need transactions in the future and will remain animportant A Solution Not the Problem B Morisi Teresa Monthly Labor Review Commercial Banking Transformed by throughout the world Originally perceived not have an account Due to recent legislation the future of the ATM and related bankingservices was installed in the United States at FirstPennsylvania Bank Searle The popularity of the cash dispensers led both banks viewedby both banks and their customers as only became the forerunner oftoday's highly complex ATMs Searle The basis By the end of there were shift occurred during the to andother locations where cash was women entered the workforceand it became more difficult to go to human tellers and to a fee By the end of many transactions are now completed through conducted at ATMs or through personalcomputers did not exist services particularly on Fridays traditional paydaysfor many Fridays but lines were often take place at ATMs in large part because the machines still reluctant to use ATMs Olderconsumers in particular have a machine Security and fraud also causesome consumers options as to which transactions can be conducted at the teller transactions costs morethan one Morisi For years many people in lower the face value of the check With the widespread to the ATMs This turn of events coupledwith the high companies and individuals have suffered as a orrent an ATM stock it with cash and fee ranging as high as Since the transaction are now found in casinos operated by the Many banks charge their owncustomers strategy wherein institutions offer no-surcharge it a highly successful approach McAuliffe while well removed from a bank even to do thisin eliminate many of the security concerns whichhave caused some the demand associated with the ATM a cashless society still has notarrived despite the ATMs presence of decades As individuals becomemore comfortable with banking services transformed the banking industry are Not in the Mail U S News World Report Journal Jun McAuliffe Don No-Surcharge ATM Movement Gathering Introduction The automated teller machine accept deposits sell postage stamps print statements and be are now privately owned This researchexamines the history of the were among the first regions to offerprimitive machines for tellers at branches when customersonly inquiries and transfer fundsbetween accounts In human tellers In Diebold International introduced a and banks were also slow machinesoperating in it was still well below as simply tellers and where they did not replacetraditional which consumers could conduct their bank as critical to their long-term success ATMs were eventually atnon-member networks and supermarkets began operating ATM customers used the ATM as their preferred the s and s into which ATMs were it was often availableto bank employees and banks maintained branch o'clock in the afternoon Branches wouldoften hours were often particularly crowded Dods By the mid go to a traditional bank However and also having greater faithin the human interaction rather than is less reluctance based on thesefactors Morisi Recent advances currency issuingtraveler's checks and selling postage stamps Although an ATM Infact ATM fees are seen as These people traditionally cash their paychecks at checkcashers which charged fees byrestricting the number of transactions the customer can conduct number of check cashing companiesoperating in not theonly ones who can can typically be rented for there is a minimum amount of transaction risk to issue of ATM fees has caused considerable institutions are also charging for noncustomers to use thosemachines resulting yet to gain popularity among large institutions credit popularity asAmericans become more comfortable with conducting business via computer forego In addition ATMs now banktransactions such as transferring funds can now be done from for point of purchase transactions changed the way Americans and others conduct their bankingbusiness and for cashdispensers is likely to remain with part of banking in coming years Works ABA Banking Journal Aug Finnegan Lisa ATMs For Risk-Averse Computer Technology Aug Searle Gregg A as cash machines which would dispense infact it is no longer necessary History ATMs were initially introduced in Europe in Philadelphia The advantage to these initial and customers todemand machines which offered more capabilities such the first transaction which could and should be automated machines proved popular with some consumers but more than ATMs inuse in the United States but period when ATMs were installed not only at local bank needed but often not available Inaddition banks began to bank branches during traditionalbanking hours free thetellers for more demanding tasks more than ATMs were available within ATMs and othermeans removed from branches it is important Direct deposit from employers to bank accountswas also unavailable employers Most branches had limited operating hours opening at am long ascustomers tried to deposit or areconveniently located available hours a day and transactions can been slow to adopt the technology preferringthe to refrain from using ATMs ATM Oncelimited to dispensing cash today's ATMs are dollar most banks charge some type income brackets have refrained fromhaving bank accounts use of ATMs however banks have found that they use of direct deposit by the government and social result of theintroduction of ATMs still others have taken advantage have it open for business Machinesdesigned to be used indoors is cleared with a federal casino itself gas stations and even a fee when the customer ATM services inorder to gain market share and offer better B It is likely that a foreign country offers many benefits which hesitation among consumers There is a threat to butcash must still be obtained at the for more than years ATMs being offered through personalcomputers and likely to be able toconduct even more banking Apr Dods Jr Walter A ATMs Steam in California Knight-Ridder Tribune Business News Mar ATM has become an integral part ofbanking used at institutions wherethe depositor does ATM considers the reasons behind itswidespread use and evaluates which dispensed cash to bank customers In thefirst cash dispenser needed to cash their paychecks other words the cash dispensing function was prototype of a machine whichcould accomplish these tasks this prototype to implement ATMs on awidespread the number needed to change thebanking industry Searle That banking services but also in supermarkets airports business an importantconsideration during a period of time when many installed inside many financialinstitutions to provide alternatives networks andmaking them available to financial institutions for mode of banking Searle Effects Because placed Remotetransactions such as those offices in order to meetthe high demand for stay open an hour later on s it was estimated that nearly half of all bankingtransactions a number of consumers are the remoteness of inserting a depositor payment for example into in ATM technology have also led to customers havingmore transactioncosts banks on the average cents and an important source of revenue within thebanking industry two to three percent of each monthand limiting those transactions the United States Brindley and Vogelstein While some own and operate an ATM Today anyone can purchase per month Owners ofthese machines then charge a per-transaction theoperator As a result these independent machines consternation amongconsumers and consumer advocacy groups in double fees This has given rise to a newmarketing unions and smaller banks are finding Being able to receive cash found in supermarkets and otherwell-lit and populated areas the home oroffice This eliminates some of demand for ATMs maywell decline even further but since did so over the course us for some time to come Thesemachines which CitedBrindley David and Fred Vogelstein The Check is Owners They're Cash Machines Baltimore Business ABMs Canadian Banker Nov-Dec cash to depositors today's ATMs can for ATMs to be affiliated with anyfinancial institution and many in the mid s the UnitedKingdom Austria and Scandinavia machinesis that they eliminated long lines as being able toaccept deposits and payments perform account in order to reduce the reliance on others were slowto adopt their use while this was double the number of branches where theywere initially perceived promoting ATM use as a way to increase the hoursduring During the s banks began to view ATMs Fees were assessed for using ATMs the United States andmany bank to recall the bankingenvironment of on a widespread basis although and closing at three or four cash their paychecks before banks closed Lunch becompleted more quickly than if customers personal interaction of the human teller As computers are becoming morecommonplace in society however there used for on-line loanapplications printing statements dispensing foreign of fee for using the ATM because their low balances make them subject to banksurcharges canoffer accounts to those with low income and charge minimum welfaregroups has led to a decline in the of the machines asinvestment opportunities Since financial institutions are cost approximately outdoor models aremore Machines clearinghouse before anycash is dispensed within companiesfor the convenience of their employees Finnegan Outlook This uses another bank's machine increasingly value to their customers Although this movement has ATMs will continue to increase in most consumers are nowunwilling to ATMs in the form of the Internet since many ATM As debit cards become more popularforms of payment are likelyto remain popular in the near-term Conclusion ATMs on the Internet ATM use may decline but the need transactions in the future and will remain animportant A Solution Not the Problem B Morisi Teresa Monthly Labor Review Commercial Banking Transformed by throughout the world Originally perceived not have an account Due to recent legislation the future of the ATM and related bankingservices was installed in the United States at FirstPennsylvania Bank Searle The popularity of the cash dispensers led both banks viewedby both banks and their customers as only became the forerunner oftoday's highly complex ATMs Searle The basis By the end of there were shift occurred during the to andother locations where cash was women entered the workforceand it became more difficult to go to human tellers and to a fee By the end of many transactions are now completed through conducted at ATMs or through personalcomputers did not exist services particularly on Fridays traditional paydaysfor many Fridays but lines were often take place at ATMs in large part because the machines still reluctant to use ATMs Olderconsumers in particular have a machine Security and fraud also causesome consumers options as to which transactions can be conducted at the teller transactions costs morethan one Morisi For years many people in lower the face value of the check With the widespread to the ATMs This turn of events coupledwith the high companies and individuals have suffered as a orrent an ATM stock it with cash and fee ranging as high as Since the transaction are now found in casinos operated by the Many banks charge their owncustomers strategy wherein institutions offer no-surcharge it a highly successful approach McAuliffe while well removed from a bank even to do thisin eliminate many of the security concerns whichhave caused some the demand associated with the ATM a cashless society still has notarrived despite the ATMs presence of decades As individuals becomemore comfortable with banking services transformed the banking industry are Not in the Mail U S News World Report Journal Jun McAuliffe Don No-Surcharge ATM Movement Gathering
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