Little is known of the Japanese device other than it was called "Computer Loan Machine" and supplied cash as a three-month loan at 5% p.a. This was granted UK Patent 959,713 for "Access Controller" in June 1964 and assigned to W. It was originally intended to dispense petrol but the patent covered all uses.In the US patent record, Luther George Simjian has been credited with developing a "prior art device".This was a Chubb machine Asea Metior's Bankomat was the first ATM installed in Spain on January 9, 1969 in downtown Madrid by Banesto. The first modern ATM was an IBM 2984 and came into use at Lloyds Bank, High Street, Brentwood, Essex, UK in December 1972.This device dispensed 1,000 peseta bills (1 to 5 max). patent record cites at least three previous applications from Docutel, all relevant to the development of the ATM and where Wetzel does not figure, namely US Patent # 3,662,343, U. The IBM 2984 was designed at the request of Lloyds Bank.An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, transfer funds, or obtaining account information, at any time and without the need for direct interaction with bank staff.ATMs are known by a variety of names, including automatic teller machine in the United States (ATM, American, British, Australian, Malaysian, South African, Singaporean, Indian, Maldivian, Hiberno, Philippines and Sri Lankan English), often redundantly ATM machine, automated banking machine (ABM, Canadian English), cashline, minibank, cash machine, tyme machine, cash dispenser, bankomat or bancomat.
Transactions were initiated by inserting paper cheques issued by a teller or cashier, marked with carbon-14 for machine readability and security, which in a later model were matched with a six-digit personal identification number (PIN).ATMs can be used to withdraw cash in a foreign country.If the currency being withdrawn from the ATM is different from that in which the bank account is denominated, the money will be converted at the financial institution's exchange rate. Adrian Ashfield invented the basic idea of a card combining the key and user's identity in February 1962. He was paid ten shillings for this, the standard sum for all patents.Specifically his 132nd patent (US3079603), which was first filed on 30 June 1960 (and granted 26 February 1963).The roll-out of this machine, called Bankograph, was delayed by a couple of years, due in part to Simjian's Reflectone Electronics Inc. An experimental Bankograph was installed in New York City in 1961 by the City Bank of New York, but removed after six months due to the lack of customer acceptance.