The history of the ATM dates back to New York City in 1939 when inventor Luther George Simjian got a bank to publicly try the machine. The effort failed due to lack of customer interest at that time. In 1960 a bank in New York City had a cash machine predecessor (the Bankograph) installed that would free up tellers by accepting utility bill payments. The next automated cash dispenser development was developed in 1964. An electronic ATM was set out in North London (UK) but it was very different in the way it worked than modern equipment. This machine would dispense ten pound sterling amounts of cash in exchange for a teller purchased voucher.

The current machine style was a creation of British China Garden Cart Suppliers engineer James Goodfellow. In 1965 he patented the cash machines that were the forerunners of what we use today. There was one type of ATM introduced in 1968 that always ate the prepaid plastic card and users would then have to buy a replacement from a teller. In 1969, Donald C. Wetzel developed for Docutel the first machines utilizing the cards with magnetic strips. Since Docutel was the first company to get a patent for this type of machine, the Smithsonian Museum gives them credit for being the originator. The public still had problems with accepting and trusting money machines. The machine proved to be very costly to operate. Docutel led the way to the modern ATM machine in 1971 when they produced a full function ATM called Total Teller. By 1973, these machines were capable of issuing cash in variable amounts. By 1974 the online networking component was added which led to ATMs as we know them now. Today automated cash machines are more common than drinking fountains and are so prevalent they are very easy to locate. They are found worldwide, even as distant as Antarctica. The ability to use a small plastic debit or credit card to withdraw cash as needed from these machines is just so easy. Some banks use ATM stations for speed and convenience, replacing regular human tellers.

The popularity is not surprising considering the convenience. Consumers no longer be concerned about carrying cash, a stack of credit cards, checks or other financial instruments. ATM machines can be adjusted for ticket selling, concert ticket sales and gift certificates. What did businesses and the public do before the invention of the ATM machine business? Prior to the availability of ATM machines for sale it was necessary to make a trip to the bank during regular business hours for a cash withdrawal. Another alternative was to carry personal checks around and overwrite the amount at the grocery store or other locations that might allow that type of transaction. There is a growing ATM machine business opportunity for those willing to bring a machine into their store or business location. Modern automated teller machines can access many different interbank networks. Most banks and retail outlets make money by charging a usage fee when the ATM is used.