September 20, 1995
Web posted at: 3:15 p.m. EDT
WASHINGTON (CNN) -- Love them or hate them, the average American uses an automatic teller machine up to five times per month. The ATM has become part of the fabric of American life, a fact being affirmed by the Smithsonian Institution's Museum of American History, which plans to put an early model on exhibit.
Wednesday, on the 30th anniversary of the ATM, Mastercard International Inc. and its subsidiary, CIRRUS System Inc., gave the Smithsonian a machine that had been used in a bank lobby in Dayton, Ohio, from 1977 until 1993. The ATM will be a part of the National Numismatics Collection, which also will include such things as credit cards, coins and other items illustrating the history of money.
A trio of engineers developed the first ATM, patenting their creation in 1973. But the ATM was the product of 1960s technology that came together after one of those engineers, Don Wetzel, was struck with an idea while standing in line at a teller's window. "I never dreamed the ATM would have such a significant impact on people's lives," Wetzel said. "My early machine just performed simple banking transactions. Now you can access your cash virtually anywhere in the world at anytime. At some ATMs, customers can buy stamps and concert tickets -- you can even trade in stocks."
Of course, there have been some negatives associated with ATMs. As with any technological advance, dishonest people have found a way to twist the machines to their own purposes. People have been victimized by criminals setting up false ATMs and by people gathering carelessly discarded ATM receipts with the account numbers on them. And, ATMs can act as a magnet for people waiting mug those who use them at night.
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