The first ATM was unveiled in the United States of america is in Nassau County, Long Island, new york in 1969
It was a lovely Friday afternoon, back in 1968, and is a businessman by Donald Wetzel and money needed to travel to get to the end of the week.
The then-40-year-old surveyed the long line winds its way through the bank and out of the door, the clock, the etching is close to 5 hours, and his agitation was growing.
“So much of what they were doing was for the year, and it occurred to me while I was in the queue, that is, there must also be a machine that could do it,” Wetzel, who is 90, told Fox News. “And it’s something that didn’t need the bank to be open, customers will be able to get a 24-hour, seven-days-per-week. I was thinking that it would be marketable, and it turns out that it was.”
And this is how the idea for the Automated Teller Machine commonly known as ATM, was born, and resulted in a radical change to the way in which people all over the world bank’s operations, and how each and every financial institution has functioned.
The creation took about 11 months from conception to fruition and the first “glasshouse” was unveiled at a Chemical bank branch in Rockville Centre, Long Island, new york, on September 2, 1969.
“The ATM is not a complicated machine, so far as the building goes,” said Wetzel, who lives in dallas, Texas. “I wanted to be something with the card, something we can stick in our pockets. The real secret is in the magnetic strip. The biggest obstacle in the way of finding out a way to make it very safe, if you are planning to get this machine out of a bank with several hundred dollars in, and we had to convince the bench that no one was able to break it.”
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In order to capture the safety and security quagmire, Wetzel – who also worked for IBM and was an engineering executive for a Texas-based Docutel, which have been made to the automated baggage handling equipment, has developed the concept of the use of the strip to hold the PIN (Personal Identification Number) number, which is then matched with the PIN number printed on the card. Then, the data is encrypted each time the card is used, and the data has to be reordered.
Donald Wetzel, 90, inventor of first cash machine in America fifty years ago
“It has given us the assurance that we are loved, that we are needed,” he said. “When it came to the development of a printer, and a device that has a push-out of the greenhouse and a small tool that provides the user with instructions. However, the magnetic strip is the real key to the ATM’s success.”
However, the process of marketing his invention proved to be far from easy. For the first year, and Wetzel took the role of lead salesman. He was going door-to-door to make the pitch for the bankers. Almost every one laughed at his face.
“People thought I was crazy,” he said with a laugh. “They’d say, ‘do You mean to have a cash machine that anyone could just go in and use it? I don’t think so. We will have story tellers that do that.” Then I had to explain why I thought it would be of great value to their customers.”
People thought I was crazy. They’d say, ‘do You mean to have a cash machine that anyone could just go in and use it? I don’t think so. We will have story tellers that do that.” Then I had to explain why I thought it would be of great value to their customers.
Donald Wetzel, inventer of the ATM, the reaction he got from the bankers, and when the machine is
Within just a few short years, the functions of the ATM was extended with the production of accounts for clients, and computer technology is opened, the slot Machines online.
“The 24 Hours Of Chemicals And Chemical Dispensers Are Here!!! Now, you can get a round-the-clock,” boasted in the early 1970s, the ads for Chemical Bank. “Just around the corner.”
Today, there are approximately 3.5 million Atm machines installed all over the world.
“To be honest, I’m surprised to see that the machine that we initially thought, which means that in principle, the same features and functions as it did back then. Sure, it’s faster and it looks much better now,” Wetzel said. “But it does give me a lot of fun, because I think that we really did our homework.”
(Original title) 6/7/1976-New York, New York, NY, us-owned Banks in the country to be able to leave their old image, their brick-and-mortar concept of a business and is trying to lure in new customers with a press of a button banking. By means of a coded plastic card into the automated teller machine, such as the Grand Central Station, where a customer can deposit or withdraw money, transfer funds, and even take out a loan. (Bettmann/Getty)
Wetzel will join Nassau County officials, including that of the Executive, Laura Marsh, Rockville Centre Mayor Francis X Murray (michael coles), and the Chase Bank representatives, including the Chief Administrative Officer, Reggie Chambers, the following week, on Friday, Sept. 6 to mark the momentous occasion at the place where it all began–the site of the former Chemical Bank in Rockville Center, which was later bought out by JPMorgan Chase.
“The ATM revolutionized the banking industry and the impact it has on our economy cannot be overstated,” said Harry Coghlan, the chief executive of the Nassau County Industrial Development Agency, which is co-sponsored by the 50 years of the Chase, and Nassau County. “The ATM will be upgraded and, just as in the computer, it is much more compact, more digital, more efficient, and safer for you to use.”
“We are proud of the fact that Nassau is the ingenuity of the ‘big bang’, which is the world of the banking industry that we know today,” Coghlan told Fox News, “and Mr. Wetzel should be known as the” father of the 24-hour banking.'”
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Nassau County will also be preaching the gospel of the day is to honor the memory of Wetzel, for its revolutionary design, which led the world into the realm of 24-7 banking.
These days, the Wetzel leads a quiet life in Dallas, Texas, with his wife, Eleanor, 88.
But He will have none of his beloved creations.
I’m ashamed to say, my wife has never been to a cash machine. to this day she is afraid that she would put her card into the machine, and they’d never get it back. They’ve never had the desire to use one, and she never changed her mind.
Donald Wetzel, a person is not able to win his / her invention
“I’m ashamed to say, that they have never used an ATM,” Wetzel acknowledged. “At the time, He was busy as a mother, and she was afraid that she would put her card into the machine, and they’d never get it back. They’ve never had the desire to use one, and she never changed her mind.”
He is still a co-owner of the patent for the MACHINE, which will be archived in the Smithsonian’s Museum, of which a few in the community know about it.
“A few days ago, I stopped by the post office to ask them for my e-mail while I was on a trip to New York city, on the occasion of the 50th anniversary of the ATM,” Wetzel said. The clerk asked me what I had to do the ATM, and when I told him that I was. Well, he was the loudest of screams. It had everyone wondering, ” what the hell was going on.”
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While the ATM will be incurred by the united states banking system, for over half a century, it is the future of the ever-changing financial environment, it is subject to debate.
“In the old days, it was a great way to get the power cord out of the money, and it’s still very, very popular with the baby boomer generation. However, thanks to technology, most millennials don’t even know their PIN number. The new ATM is located in our bags,” joked Alexander Joyce, chief executive officer and president of revenue planning, business, ReJoyce Financial. “Your phone to use applications, makes the most of the features can be in your bank account.”
Investment adviser, Clayton Alexander, however, was convinced that the ATM is here to stay.
Since the ATM was introduced in 1969, big ones, and technological advances have taken place in the banking sector,” Alexander said. “Through all of this, the ATM has, and will continue to be relevant as well. Even though the time goes on, the issue of money, it will continue to become easier to use, and the speed of transactions will increase, and there will always be people who prefer to deal with transactions of money.”