At any time whether it is night or day and on any day whether it is a public holiday or not, we fetch money from ATM when we need money. Most people think ATM means Any Time Money, but that is wrong. If you don’t know the real meaning of it and interesting things like who invented it, when it was invented, know
The full form of the ATM
The full form of the ATM is Automated Teller Machine. That is an automatic money dispensing machine. Automated means automatic and teller means he counts money by himself and machine means machine. However, it is not known everywhere as ATM itself. Like, in Canada it is called ABM which means Automatic Banking Machine. Banking here refers to the transaction of money. In some countries, it is also called cash point, bancomet, or hole in the wall.
The reason behind saying hole in the wall is that the machine is fitted in a small space somewhere in the wall and only the screen is visible outside and the money is also coming out from there. The reason for mounting in the wall is the safety of the machine.
What is an ATM? How the ATM works?
An ATM is an electronic device used only by customers of banks for money transactions (especially withdrawals). For ATM users to access their accounts, banks provide a special plastic card (Debit card or Credit card) in which the user’s information is already encoded on a black strip which is a magnetic strip on the back of the card. An ATM is actually a data terminal that is connected to a host processor. Acts as a link between the host processor and the ATM.
To use an ATM, by inserting the ATM card into it and writing the 4-digit code and the amount of money to be withdrawn, the host connects to the processor, and with its help, the user can withdraw money without going to the bank. ATMs have input devices like card readers and keypads and output devices like speakers, display screens, receipt printers, and case depositors.
Inventor of modern ATM
ATM was invented by John Shepherd Barron in 1960. He was born in Shillong, Meghalaya on June 25, 1925, in British India. Barron wanted the ATM PIN to be 6 digits, but his wife said that 6 digits were too many people would not remember, so he kept the PIN to four digits. Even today only four-digit PIN is in circulation. The interesting thing behind the invention of the ATM is that once (in 1965) they could not withdraw money due to the closure of the bank. It was during this period that the idea of making an ATM came to his mind while taking a bath. He thought that if there was a money dispenser like a chocolate dispenser! How convenient will it be if money can be withdrawn within 24 hours from which? John Shepherd Barron died in 2010 at the age of 84.
- ATMs can be used even if one does not have a bank account, but this facility is not available in India. 84 percent of people in Romania do not have a bank account, but all use ATMs.
- An ATM has a bottle of blue ink at the place where the note (money) is kept. If someone tries to forcefully remove the note or break the machine, the ink will spread on the note.
- The highest ATM in the world is in Nathu-La which is situated at an altitude of 14,300 feet above sea level.
- An ATM has also been installed in Antarctica while the Northeast African country of Eritrea does not have a single ATM.
- Every tenth person using ATM has PIN 1234 and the most used PIN is 8068.
- In case of trouble, reverse PIN i.e. 1234 to 4321 in ATM will alert the nearest police station, but this is wrong.
- Today, more than 35 lakh ATMs are used worldwide.
- In 1960 American Luther George Simjian invented the bankograph. Customers were able to withdraw cash and checks from this machine.