ATMs, also known as Automated Teller Machines, are electro-mechanic machines that provide clients to carry on automated banking transactions without the assistance of a branch representative or teller.
ATMs were invented by a Scottish citizen, John Shepherd Barron, when in 1965 he went to withdraw money from the bank, but couldn’t as the bank just closed a minute earlier. It was then that Barron thought of creating an ATM machine from which money could be withdrawn for 24 hours. The first ATM machine was invented by John Shepherd Barron after approximately 2 years.
The first ATM machine to withdraw cash was established on 27th June 1967 in the Barclays Bank of London. Comedy actor Reg Varney was the first person to withdraw money from that ATM.
Initially, John Shepherd Barron wanted to keep the ATM Pin number for 6 digits, but because his wife couldn’t remember 6 digits, he prepared 4 digits ATM Pin number.
The ATM service in India was initiated in 1987. And the first-ever ATM Machine was installed at the Hong Kong and Shanghai Banking Corporation (HSBC), Mumbai.
It must be noted that, instead of money, gold can also be withdrawn from ATMs. And the first gold extracting machine was installed in the lobby of Emirates Palace Hotel, Abu Dhabi, and the machine can extract as many as 320 types of gold items.
ATMs can also be used without a bank account in Romania, while the facility isn’t available in many countries including India.
Brazil uses a biometric ATM which is used to make banking transactions and passwords safer. Users are first required to scan their fingers at these ATMs.
ATMs are known by many different names such as Cashpoint or Cash Machine in the UK and New Zealand, and Money Machine in Australia and Canada.
For every 4 digit pin number, any combination with digits between 0 and 9 are used, which makes 10,000 valid passwords. The most common of these passwords are 1234, 1111, and 0000, however, the least used is 8068.