Introduction: An automated teller machine (ATM), commonly called a cashpoint in UK English it provides the clients of a financial institution with

access to financial transactions in a public space without the need for a cashier, human clerk or bank teller. ATMs are known by various other names including automatic banking machine, cash machine. ATM machine is invented by Don Wetzel. History: History shows it was Luther George Simjian to develop this idea in 1939, but he could not make it successful. In 1939 bank automation when luther George invented ATM. In 1960 New York National City Bank was the first bank in which ATM installed and then its several branch lobbies. The idea is for customers to pay utility bills and get receipts without having to see a cashier. On June 27 1967 De La Rue win this race to disclose the first machine, that attracts the customers. In1968 Barclays and a few other banks introduce a machine that encodes cash on plastic cards purchased from a teller. The problem is that the machine always eats the cards, and customers have to buy new cards if they want to make more transactions. In 1969 First use of ATM magstripe cards concept introduce, Docutel installs its Docuteller machine at New York's Chemical Bank. In 1971 first true bank ATMs Docutel introduces its Total Teller, the first true fully functioning bank ATM. In 1973Docutel rewarded a patent for the ATM. In 1974 Diebolds first TABS 500 machines, an off-line version, is installed at a bank in Atlanta. The flexibility of the machine makes it unique and more marketable to banks. In 1978 the first IBM-compatible Diebold machine is installed at a bank in Indianapolis. In 1979 Chungho ComNet Co (Korea) begins selling Cash Dispensers. In 1983 Chungho ComNet Co (Korea) begins selling On-line Teller Machines. Machines like this now have a direct connection via telephone lines with the bank's mainframe computers .In 1994 ICL, the IT services company, has designed the first cash dispenser (CD) with a bill paying facility. ATMs first came into use in December 1972 in the UK; the IBM 2984 was designed at the request of Lloyds Bank. The 2984 CIT (Cash Issuing Terminal) was the first true Cashpoint, similar in function to today's machines. A small number of 2984s were supplied to a US bank.

Notable historical models of ATMs include the IBM 3624 and 473x series, Diebold 10xx and TABS 9000 series, and NCR 50xx series. Global usage of ATM There are no exact statistics detailing the exact number of ATM's in the world, it is fair to say that they have become an almost universal addition to an landscape. ATM's are now a commodity we take for granted, but where would we be without them, especially in some of the more remote locations where one wouldn't expect to see a cash machine. In order to analyze ATM usage on a global scale, financial institutions divide the world into seven regions, four of which include USA, Canada, Europe and Japan. These four have a higher proportion of ATM's per million people. Advantages: Withdrawing money
Checking recent or past bank statements e.g. online credit card purchases.

Checking how much money is remaining in the account.

Provide the best possible exchange rate for foreign travelers

Disadvantages:
Machine may not recognize Credit card

May be no atms nearby

If someone watches or hacks an atm machine your details may be taken

If problem with credit card can not withdraw money Future of ATM: Very soon we will see ATM everywhere that are capable of taking cash and cheques in batches of up to 50 without an envelope. It will automatically, as the name suggests, issue out receipts with a copied image of the deposited cheque. This will certainly reduce manual cheque clearing process. ATM will remember the financial habits of customers whenever they revisit. This will speed up usage time. The usage of biometrics by using eye or figure print scans to recognize customers. This will increase security and the need of cards and personal identity numbers. Other functions

expected to be added in time include cheque book reordering, credit card applications filled out on-line at the ATM, and other special service requests. Conclusion: Atm has changed banking sector completely. It is a very convenient product specially for the people who travel a lot. They dont get problem in exchanging currency and they get proper exchange rate. It has reduced the hustle of bank and improved the discipline of banks. It major disadvantage is security which will removed in future.

References: http://en.wikipedia.org/wiki/Automated_teller_machine http://www.helium.com/items/694017-future-automatic-teller-machines http://www.blurtit.com/q311651.html

http://EzineArticles.com/?expert=Harvey_McEwan http://www.thocp.net/hardware/atm.htm