An automated teller machineor automatic teller machine (ATM), also known as an automated banking machine (ABM) in Canada, and a Cashpoint(which is a trademark of Lloyds TSB), cash machine or sometimes a hole in the wall in British English, is a computerized telecommunications device that 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 ATM machine, automated banking machine, and various regional variants derived from trademarks on ATM systems held by particular banks.
The idea of self-service in retail banking developed through independent and simultaneous efforts in Japan, Sweden, the United Kingdom and the United States. In the USA, Luther George Simjian has been credited with developing and building the first automatic teller machine (which didn't dispense cash).There is strong evidence to suggest that Simjian worked on this device before 1939 while his 132nd patent (US3079603) was first filed on 30 June 1960 (and granted 26 February 1963). The rollout of this machine, called Bankograph, was delayed a couple of years. This was due in part to Simjian's Reflectone Electronics Inc. being acquired by Universal Match Corporation.An experimental Bankograph was installed in New York City in 1939 by the City Bank of New York, but removed after 6 months due to the lack of customer acceptance. The Bankograph was an automated envelope deposit machine (accepting coins, cash and cheques) and it did not have cash dispensing features.
The first ATM was put into use in 1959 in the Kingsdale Shopping Center in Upper Arlington, Ohio. This suburb of Columbus, Ohio created a shopping center where the Galbraith Farm used to be located that also featured the world's first The LimitedStore.