Several inventors worked on early versions of a cash-dispensing machine, but Don Wetzel, an executive at Docutel, a Dallas company that developed automated baggage-handling equipment, is generally credited as coming up with the idea for the modern ATM. Wetzel reportedly conceived of the concept while waiting on line at a bank. The ATM that debuted in New York in 1969 was only able to give out cash, but in 1971, an ATM that could handle multiple functions, including providing customers’ account balances, was introduced.
ATMs eventually expanded beyond the confines of banks and today can be found everywhere from gas stations to convenience stores to cruise ships. There is even an ATM at McMurdo Station in Antarctica. Non-banks lease the machines (so-called “off premise” ATMs) or own them outright.
Today there are well over 1 million ATMs around the world, with a new one added approximately every five minutes. It’s estimated that more than 170 Americans over the age of 18 had an ATM card in 2005 and used it six to eight times a month. Not surprisingly, ATMs get their busiest workouts on Fridays.
In the 1990s, banks began charging fees to use ATMs, a profitable move for them and an annoying one for consumers. Consumers were also faced with an increase in ATM crimes and scams. Robbers preyed on people using money machines in poorly lit or otherwise unsafe locations, and criminals also devised ways to steal customers’ PINs (personal identification numbers), even setting up fake money machines to capture the information. In response, city and state governments passed legislation such as New York’s ATM Safety Act in 1996, which required banks to install such things as surveillance cameras, reflective mirrors and locked entryways for their ATMs.
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