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As is often the case with inventions, many inventors contribute to the history of an invention. In the case of the ATM, Don Wetzel invented the first successful and modern ATM in the USA, however he was not first inventor to create an ATM. In 1939, Luther George Simjian started patenting an earlier and not-so-successful version of an ATM. An automatic teller machine or ATM allows a bank customer to conduct their banking transactions from almost every other ATM machine in the world. Don Wetzel was the co-patentee and chief conceptualist of the automated teller machine, an idea he said he thought of while waiting in line at a Dallas bank. At the time (1968) Wetzel was the Vice President of Product Planning at Docutel, the company that developed automated baggage-handling equipment. The other two inventors listed on the patent were Tom Barnes, the chief mechanical engineer and George Chastain, the electrical engineer. It took five million dollars to develop the ATM. The concept of the modern ATM first began in 1968, a working prototype came about in 1969 and Docutel was issued a patent in 1973. The world's first ATM was installed in Enfield Town in the London Borough of Enfield, London onJune 27 1967.
WHAT IS AN ATM?
An Automated Teller Machine (ATM) allows customers to perform banking transactions anywhere and at anytime without the need of human teller. By using a debit or ATM card at an ATM, individuals can withdraw cash from checking or savings accounts, make a deposit or transfer money from one account to another or perform other functions. You can also get cash advances using a credit card at an ATM. Individuals should be aware that many banks charge transaction fees – generally ranging from Rs 50-150 per transaction - for using another bank’s ATM. The ATM is online with the bank, that is, each transaction will be authorised by the bank on-demand and directly debited from the account's owner. The ATM works as follows. First, the client will insert his/her client card in the ATM and then the
Once the correct PIN is given. If the amount is available and if the client has enough money on his credit then the said amount of money will be paid. Insist on swiping your card in your presence in hotels/shops/malls etc. Best to memorize it. not even to the Bank / IBA / RBI / Govt. .5000/-. Whether the amount of money is payable or not. while checks can be easily stolen. most ATMs will retain the card as a security precaution to prevent an unauthorized user from working out the PIN by pure guesswork. Along with the convenience of accessing account funds at anytime it also removes the hassles associated with having to write checks as payment like showing ID and associated fees. Never write it on the card. Don't transact if you observe any attachments or unusual devices connected to the ATM. Do not let strangers come in to the ATM room while you are doing your transaction. also removes the need for checks as the debit card immediately transfers money from the client's account to the business account. Once the money is offered to the client a countdown is started. i. Agency. the ATM will ask for the amount of money to be withdrawn. Block and destroy your old card. will be also checked. the ATM has enough cash but could be the case the ATM has no change for that amount.e. Do not provide ATM card & PIN details to anyone. BENEFITS OF AN ATM TO THE BANK . when you get a new one. Call 1800-112211. i. This removes the need for bank clients to go to the bank to remove cash from their account as they can now just go to an ATM or pay electronically at merchant locations. WHA IS A DEBIT CARD? An electronic card issued by a bank which allows bank clients access to their account to withdraw cash or pay for goods and services. ATM cum Debit Cards . the client has a determined amount of time to pick up the money. Never keep the PIN with the card. Debit cards are also considered to be a safer form of payment as a code is required to access the account funds. Bank or any other institution will never ask for this information.ATM will ask for a Personal Identification Number (PIN) . if the number is entered incorrectly several times in a row. This type of card. If this timeout is over.Precautions For Secure Card Transactions • • • • • • • • • • • • Change your PIN after first usage & periodically after that. Check your account statement periodically. Hide keypad with one hand while keying in your PIN at ATM / POS terminals. Register your Mobile number at the ATM / Branch to get SMS alerts for all transactions above Rs. Don't throw your transactions slip in ATM room. Investopedia explains 'Debit Card' The major benefits to this type of card are convenience and security. If you lose your card Hot list it immediately. the money will be collected by the ATM and the transaction will be rolled back.e. as a form of payment. and do not take help of strangers at ATM.
• • • • Types of Automated Teller Machine (ATM) scams 1. Unknown to the complainant a thief has inserted a foreign object into the ATM cardreader: This causes the card to be stuck in the card-reader.. The typical ATM customer will spend 20-25% more than a non-ATM customer. an automatic teller machine can provide revenue from on-screen advertising. An automatic teller machine generates new business. couponing. An automatic teller machine reduces risk and lowers costs. After he has inserted his card the ATM does not respond in any way. An automatic teller machine provides additional revenue streams.• An automatic teller machine increases existing business. He often also presses the cancel button in an . according to research conducted by AT&T Global Information Solutions. even a low traffic location can more than pay for an automatic teller machine from surcharge revenues alone. Additionally. and alternative media (e. there are a number of safety benefits associated with an in-store automatic teller machine. This is due to the fact that the ATM does not register that a card has been inserted. postage stamps) dispensing opportunities. The victim then enters his PIN inthe hope that the ATM responds. Having an automatic teller machine on the premises can reduce the number of bad checks and cut credit card expenses because customers have the option of withdrawing cash instead. according to survey results published in Petroleum Marketer magazine. Customers are more likely to seek out a location with an automatic teller machine. prepaid phone-cards. in addition to convenience. Each ATM withdrawal transaction generates surcharge ("convenience fee") income for the owner of the automatic teller machine. ATM card reader jammed-card retained The typical scenario is that the complainant proceeds to the ATM with the intention of making a withdrawal. The screen does not change or request the person to enter his Personal Identification Number (PIN).g. An automatic teller machine pays for itself. With break-even points below 100 transactions per month.
and withdraw from the victim’s account. As soon as the victim unsuccessfully tries to insert his card into the ATM. thinking his card has been inserted. then leaves. so it repeatedly asks him to enter his PIN number. has seen the complainant enter his PIN and is now aware of what his PIN is. thinking the ATM has swallowed his card. enters his PIN. rigid plastic 'sleeve' into the ATM card slot. The thief then puts his hand over the victim’s card as it is inserted into the card reader and by means of sleight-of-hand he then substitutes an old card he had in his hand with the victim’s card. The thief then offers to call the . Meanwhile. The thief. In the meantime the ATM indicates to the victim that the card is invalid and has been retained. thinking the ATM has legitimately retained his card. The victim. 4. He then rushes to the nearest ATM and draws as much money from the complainant’s account as the system permits. Thin plastic sleeve This scam involves the thieves putting a thin. who had been standing nearby. It involves the card being swapped by various means as described above. 3. The thief. Alternatively the ATM does not recognise the card that has been inserted and does not respond at all. 2. Eventually the victim leaves.attempt to retrieve his card. Here the thief jams the card reader with a foreign object. The thief might use accomplices to observe the PIN if the victim insists on the thief leaving the area while he enters his PIN. the thief approaches offering to help. After the complainant leaves. He then inserts this old card into the ATM and requests the victim to enter his PIN. The card is. When the victim inserts his card. The complainant. not ejected. however. The victim then leaves. the ATM cannot read the strip. disappears to another ATM nearby to withdraw. the thief removes the object that he placed in the card reader and retrieves the card. thinking he will contact the bank later to get his card back. It is also possible that the thief can approach the victim before the card has even been inserted making it unnecessary for the thief to tamper with the card reader in advance. The thieves then remove both the plastic sleeve and the card. Card reader jammed-card swapped Another variation on the above mentioned scam is the card-reader jam and swap. he is then informed that withdrawals have been made from his account. When he does contact the bank. Assistance in phoning the bank to cancel the card Many people are still being tricked by this old scam. clear. someone behind him watches as he taps in his PIN. now having seen the PIN and being in possession of the card.
Zero LossNo loss of interest as the Card is generated by marking a lieu on the underlying account and the amount is debited only when actual transaction using the Virtual Card is completed. The crime can also be committed by a team of thieves simply distracting the complainant as the money is ejected or a deposit is made and then stealing the cash or deposit envelope. Card can be created for any amount in round rupees. Card creation and online transaction are authorised only after successful validation of One Time Password (OTP) sent to your Mobile during the process. having transaction rights. There are various other ways in which the ATM scams can be perpetrated. without any difference froma regular plastic card. is brought under the impression that his card has been cancelled. Card is valid up to maximum of 48 hours or till the transaction is complete. Products and Services SBI OFFER State Bank Virtual Card Back State Bank Vitual Card.also known as Electronic Card or e-Card. It provides an easy and secure way of transacting online without providing the Primary Card/Account information to the merchant. The method may either be used to obtain the victim’s PIN (the syndicate member asks the victim for his PIN under the guise of it being necessary to cancel the card) or it can be used to delay the reporting of the card. They all however involve a similar theme of observing the complainant’s PIN and obtaining the card in such a way that the complainant does not realise what happened. . any customer having internet banking facility with transaction rights can create Virtual Card. Card can be used at any online merchant site that accepts Debit/Credit Cards. Easy to UseNo separate setup/installation or registration is required. Virtual Cards can be used at any merchant location accepting MasterCards / Visa Cards online. is a limit Debit Card created for ecommerce transactions. In fact it was a member of the syndicate he spoke to and the card is not reported as stolen.bank’s lost card division on the victim’s behalf using his cell phone. successfully. after speaking to the supposed lost card division. whichever is earlier. Highly FlexibleIt enables Bank customers to pay from any of their Internet Banking enabled accounts. The victim. The key features of Virtual Card are as follows: SecurityIt reduces the risk of exposing the underlying Credit/Debit limit as the Primary Card / Account details are not communicated to the Merchant.
000 per day at an ACE location or up to $10. you might only be able to buy a set of wheels instead of the whole car with a $10. With the security of ATM improving it has now become a safe mode of transaction. and anywhere that Mastercard and Visa are accepted. Their policy of giving back is very much in-line with this site’s policy. If you are a woman using the card at the bar. The second most important benefit of a debit card over cash is insurance. and a debit card is less real. If ATM machines are connected to internet then its possible to do transaction from any where. Komen is a genius at trademarking the color pink for fighting breast cancer. The reason why paying in cash is so painful is because cash is real. and tell the bartender to “keep it open. The ACE Pink Prepaid Debit Card’s award to the consumer is that it donates a portion of all revenue to help fight breast cancer – a total of more than $350. they might mock you for being a good guy and carrying a pink card. I’m sure if you demonstrate your financial muscle. you will theoretically never spend more than you have. 3) A Card Is Still A Card. then you best keep it hidden or use cash or a manly credit card instead.000 a day with direct deposit. that cost negates out. 2) Men Mock Men. If you’ve only got a debit card in your wallet. fast. they’ll increase your funding. 4) Fees. Although you can’t spend more than you fund in your debit card. 4) Convenience. excisable and any time money machine. Your wallet/purse is not worth injury or your life. and if they do. If you get jacked on the streets while shopping. Hence it can be concluded that ATM is safe. Debit cards can charge $10/month on average for it’s use. Instead of carrying around a couple hundred bucks in your wallet. I’m pretty certain the card will be a fantastic 15-30 minute talking point. Having been jacked at gun point in a strange land before. you have the debit card issuer on your side.000. I’m hesitant to carry more than $100 in my wallet. and bust out one of these cards on a date.DEBIT CARD BENEFITS 1) Protect yourself from yourself. that would be the ideal scenario. 24 hours a days and 365 days a year.000 limit from ACE or any other card. The good thing is that if you are going to the ATM machine several times a month. If you are at the BMW dealer and really want to splurge. insensitive dudes. I never recommend anybody ever put up a fight with a mugger by the way. Susan G. you can rest assured the robber won’t be able to use your card.000 in the past two years. If you hang out with a bunch of unruly. Just remember to spend responsibly! CONCLUSION Based studies on the ATM we hereby conclude that ATM is the easiest way of depositing and withdrawing money. A debit card is a useful tool for many of the reasons stated above. The most important benefit of using a debit card is that once your account goes to zero. The maximum balance on the account is $10. If you are a male. just carry a debit card. That said. reliable. except for when you lose NCAA tourney bets! 5) Love & Attraction. which is a very healthy thing in this age of consumerism. the debit card is a fantastic cash replacement for most transactions. Transaction is possible any time. 3) Rewards programs. guys will most certainly use your card as a talking point as well! DISADVANTAGES OF A DEBIT CARD 1) Protecting Yourself From Yourself. you can spend it all if you are weak. If you’re too insecure to use it. ATMs. especially if you have a replaceable debit card. convenient. .” I’m pretty certain women will want to inquire about the card. If I could carry zero cash in my wallet and just use a debit and credit card. you aren’t able to spend. A debit card can be used for online transactions. that’s why in India some people call ATM as “all time money”. 2) Peace of mind with insurance. If you are at the bars. Customers can load the ACE debit card up to $5. Essentially. CONCLUSION I’ve never really thought about using a debit card until now.
com/atm_cum_debitcard2. BIBLIOGRAPHY https://www.com/productandservices.investopedia.financialsamurai.com/terms/d/debitcard.html# http://www.onlinesbi.com/terms/d/debitcard.asp#axzz1y9ylrD3m .html https://www.In future the facilities that can be added to ATM machines are: • • • Filling of bills.onlinesbi. Daily news headline.investopedia.com/2010/04/05/the-benefits-of-debit-cards-over-cash-andcredit-cards Read more: http://www.asp#ixzz1y9zymwn5 http://www. Check matches score or sensex ups and downs.
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