Did you know that there is an estimated 420,000 ATM machines around the world?
They’re everywhere, and they’ve been around for decades. But there are still some things about them that you might not be aware of.
And, if you’re like most people and rarely, if ever, use an ATM machine, then there’s a good chance that you don’t know all of the facts regarding this modern banking convenience.
So, before you turn up your nose at yet another article about “irrelevant facts,” it might be worth learning more about ATM machines and changing your mind after reading these five fun facts.
Keep reading to discover the five facts about ATM machines that will make your life easier!
- How Much Does an ATM Machine Cost?
You may believe an ATM machine is an expensive machine to create, but that’s wrong. An ATM machine is relatively inexpensive compared to many other bank investments.
While the price is widely variable, depending on the number of technological bells and whistles that are included, you can typically expect to pay somewhere between $2,000 and $6,000 per ATM machine installed in your bank. Some very simple models sell for as low as $3,500 or so.
- How Many People Use an ATM Machine?
Roughly 70% of all Americans have used an ATM machine at least once in their life. And frequently more often than that since banks are now adding them inside of other businesses such as grocery stores or even car washes.
- What Year Were ATM Machines Introduced?
The first-ever model was put into use in London back in 1967! Before this, the only way you could withdraw money from your account was to go into a bank and talk with a teller face to face.
- How Many ATM Machines Are There in the World?
As of last year, there were an estimated 420,000 ATM machines around the world. That number is constantly increasing as well.
There are now even nationwide bitcoin atm machines.
- Who Invented the ATM Machine?
Who invented the ATM Machine? Well, though many people have claimed credit for inventing the first Automatic Teller Machine, it’s widely believed that John Shepherd-Barron invented this modern banking tool back in 1967.
He reportedly struck upon the idea after learning about how he had gotten stuck inside of a bank vault and later received his first patent for it on November 3, 1969.
Want to Know Some ATM Machine Safety Tips?
Today, there are many other patents associated with the ATM machine. And this is why it’s widely believed that Mr. Shepherd-Barron may not have singlehandedly invented this modern convenience after all.
Though he did help to set into motion the creation of these convenient machines, without his contributions they wouldn’t exist today.
What do you think about the development of ATMs over time? Do you use them often? If so, what was your most recent experience using one like? Let us know in the comments section below!
Also, please check out our blog for more articles on how to use an ATM machine, ATM machine benefits, and ATM machine locations!
