AUTOMATED TELLER MACHINE (ATM) Term Paper Example | Topics and Well Written Essays - 2000 words

AUTOMATED TELLER MACHINE (ATM) - Term Paper ExampleHaag Cummings and Rea(2004) state that Automated teller machines are electronic telecommunications device that enables the clients desire the transactions of a pecuniary institution to perform financial transactions (Cummings et al., 2004). It achieves this without the need for human cashier, clerk or bank teller. According to Anand (2006), ATM is a banking terminal capable of linking customers with 24 hours deposit and withdrawal services for the clients at any time (Anand, 2006). The ATMs or cash dispenser devices are installed in the bank halls and dissemination across the city or specific locations for convenience of the customer. They mechanically accept deposits give withdrawals, transfer funds between varied accounts and issue bills.Over the ult years, many people have tried to claim that they are the investor of the ATM others opine that Luther George Simjian is documented to be an inventor due to his idea that came firs t. Some believe it was Don Wetzel, some other people say the inventor is John Shepherd-Barron. In the late 1930s, Luther George Simian tried to build an ATM but it was non a successful version of ATM. The author did not register related patents initially designed with the idea of creating a hole in the wall. It was allowing customers to make financial transitions without going to the bank.However according to BBC London (27 June 2007), on the topic Enfields cash gift to the world indicated that the first of these that decided to roll out the engineering was the Barclays bank. It is located in Enfield town towards the northern part of London,in the United Kingdom on 27 June 1967. The machine was the first in the world. English comedy performer Reg was the first person who made use of the ATM (BBC, 2007).The art of linking the different ATM devices to a central computer is a common occurrence at the moment. The idea came into reality when the world wide web and the internet were rol led out. Banks keep databases of