No one has envisioned the automated teller machine as a modern convenience where anyone can get money without going to the back. Way b...
No one has envisioned the automated teller machine as a modern convenience where anyone can get money without going to the back. Way back when, anyone getting cash from dispensers were seen with utter suspicion - a prostitute or a criminal.
American inventor Luther George Simjian have conceptualized a cash dispensing machine that would allow anyone to make financial transactions with 20 patents registered related to it. Simjian even tried to persuade Citicorp to do a trial run.
His 132nd patent (US3079603) that was first filed on June 30, 1960 (and granted February 20, 1963). has this roll-out machine called Bankograph. Unfortunately, it was delayed by a couple of years, 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 1961 by the City Bank of New York. The Bankograph was an automated envelope deposit machine (accepting coins, cash and cheques) and did not have cash dispensing features.
But this early ATM failed after six months due to the lack of customer acceptance. He said: "It seems the only people using the machines were a small number of prostitutes and gamblers who didn’t want to deal with tellers face to face."
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