HISTORY OF ATM

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 banks 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

ATM will ask for a Personal Identification Number (PIN) , if the number is entered incorrectly several times in a row, most ATMs will retain the card as a security precaution to prevent an unauthorized user from working out the PIN by pure guesswork. Once the correct PIN is given, the ATM will ask for the amount of money to be withdrawn. If the amount is available and if the client has enough money on his credit then the said amount of money will be paid. Whether the amount of money is payable or not, i.e. the ATM has enough cash but could be the case the ATM has no change for that amount, will be also checked. Once the money is offered to the client a countdown is started, i.e. the client has a determined amount of time to pick up the money. If this timeout is over, the money will be collected by the ATM and the transaction will be rolled back. .
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. 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. This type of card, as a form of payment, also removes the need for checks as the debit card immediately transfers money from the client's account to the business account.
Investopedia explains 'Debit Card'

The major benefits to this type of card are convenience and security. 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. Debit cards are also considered to be a safer form of payment as a code is required to access the account funds, while checks can be easily stolen.
ATM cum Debit Cards - Precautions For Secure Card Transactions

Change your PIN after first usage & periodically after that. Never keep the PIN with the card. Never write it on the card. Best to memorize it. Hide keypad with one hand while keying in your PIN at ATM / POS terminals. Do not let strangers come in to the ATM room while you are doing your transaction, and do not take help of strangers at ATM. Block and destroy your old card, when you get a new one. Insist on swiping your card in your presence in hotels/shops/malls etc. Don't throw your transactions slip in ATM room. Don't transact if you observe any attachments or unusual devices connected to the ATM. Check your account statement periodically. If you lose your card Hot list it immediately. Call 1800-112211. Do not provide ATM card & PIN details to anyone, not even to the Bank / IBA / RBI / Govt. Agency. Bank or any other institution will never ask for this information. Register your Mobile number at the ATM / Branch to get SMS alerts for all transactions above Rs.5000/-.

BENEFITS OF AN ATM TO THE BANK

An automatic teller machine increases existing business. The typical ATM customer will spend 20-25% more than a non-ATM customer, according to research conducted by AT&T Global Information Solutions. An automatic teller machine generates new business. Customers are more likely to seek out a location with an automatic teller machine; in addition to convenience, there are a number of safety benefits associated with an in-store automatic teller machine, according to survey results published in Petroleum Marketer magazine. An automatic teller machine provides additional revenue streams. Each ATM withdrawal transaction generates surcharge ("convenience fee") income for the owner of the automatic teller machine. Additionally, an automatic teller machine can provide revenue from on-screen advertising, couponing, and alternative media (e.g., prepaid phone-cards, postage stamps) dispensing opportunities. An automatic teller machine reduces risk and lowers costs. 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. An automatic teller machine pays for itself. With break-even points below 100 transactions per month, even a low traffic location can more than pay for an automatic teller machine from surcharge revenues alone.

Types of Automated Teller Machine (ATM) scams 1. ATM card reader jammed-card retained The typical scenario is that the complainant proceeds to the ATM with the intention of making a withdrawal. 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. After he has inserted his card the ATM does not respond in any way. This is due to the fact that the ATM does not register that a card has been inserted. The screen does not change or request the person to enter his Personal Identification Number (PIN). The victim then enters his PIN inthe hope that the ATM responds. He often also presses the cancel button in an

attempt to retrieve his card. The card is, however, not ejected. The complainant, thinking the ATM has legitimately retained his card, then leaves. The thief, who had been standing nearby, has seen the complainant enter his PIN and is now aware of what his PIN is. After the complainant leaves, the thief removes the object that he placed in the card reader and retrieves the card. He then rushes to the nearest ATM and draws as much money from the complainants account as the system permits. 2. Card reader jammed-card swapped Another variation on the above mentioned scam is the card-reader jam and swap. Here the thief jams the card reader with a foreign object. As soon as the victim unsuccessfully tries to insert his card into the ATM, the thief approaches offering to help. The thief then puts his hand over the victims 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 victims card. He then inserts this old card into the ATM and requests the victim to enter his PIN. The victim, thinking his card has been inserted, enters his PIN. The thief, now having seen the PIN and being in possession of the card, disappears to another ATM nearby to withdraw. In the meantime the ATM indicates to the victim that the card is invalid and has been retained. Alternatively the ATM does not recognise the card that has been inserted and does not respond at all. The victim then leaves, thinking he will contact the bank later to get his card back. When he does contact the bank, he is then informed that withdrawals have been made from his account. The thief might use accomplices to observe the PIN if the victim insists on the thief leaving the area while he enters his PIN. 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. 3. Thin plastic sleeve This scam involves the thieves putting a thin, clear, rigid plastic 'sleeve' into the ATM card slot. When the victim inserts his card, the ATM cannot read the strip, so it repeatedly asks him to enter his PIN number. Meanwhile, someone behind him watches as he taps in his PIN. Eventually the victim leaves, thinking the ATM has swallowed his card. The thieves then remove both the plastic sleeve and the card, and withdraw from the victims account. 4. Assistance in phoning the bank to cancel the card Many people are still being tricked by this old scam. It involves the card being swapped by various means as described above. The thief then offers to call the

banks lost card division on the victims behalf using his cell phone. The victim, after speaking to the supposed lost card division, is brought under the impression that his card has been cancelled. In fact it was a member of the syndicate he spoke to and the card is not reported as stolen. The method may either be used to obtain the victims 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. There are various other ways in which the ATM scams can be perpetrated. They all however involve a similar theme of observing the complainants PIN and obtaining the card in such a way that the complainant does not realise what happened. 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.

Products and Services SBI OFFER

State Bank Virtual Card Back State Bank Vitual Card,also known as Electronic Card or e-Card, is a limit Debit Card created for ecommerce transactions. It provides an easy and secure way of transacting online without providing the Primary Card/Account information to the merchant. Virtual Cards can be used at any merchant location accepting MasterCards / Visa Cards online, without any difference froma regular plastic card. 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. Card is valid up to maximum of 48 hours or till the transaction is complete, whichever is earlier. Card creation and online transaction are authorised only after successful validation of One Time Password (OTP) sent to your Mobile during the process. Highly FlexibleIt enables Bank customers to pay from any of their Internet Banking enabled accounts, having transaction rights. Card can be created for any amount in round rupees. Card can be used at any online merchant site that accepts Debit/Credit Cards. Easy to UseNo separate setup/installation or registration is required, any customer having internet banking facility with transaction rights can create Virtual 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, successfully.

DEBIT CARD BENEFITS

1) Protect yourself from yourself. The most important benefit of using a debit card is that once your account goes to zero, you arent able to spend. If youve only got a debit card in your wallet, you will theoretically never spend more than you have, which is a very healthy thing in this age of consumerism. Customers can load the ACE debit card up to $5,000 per day at an ACE location or up to $10,000 a day with direct deposit. The maximum balance on the account is $10,000.

2) Peace of mind with insurance. The second most important benefit of a debit card over cash is insurance. Instead of carrying around a couple hundred bucks in your wallet, just carry a debit card. If you get jacked on the streets while shopping, you can rest assured the robber wont be able to use your card, and if they do, you have the debit card issuer on your side. I never recommend anybody ever put up a fight with a mugger by the way. Your wallet/purse is not worth injury or your life, especially if you have a replaceable debit card.

3) Rewards programs. The ACE Pink Prepaid Debit Cards award to the consumer is that it donates a portion of all revenue to help fight breast cancer a total of more than $350,000 in the past two years. Their policy of giving back is very much in-line with this sites policy.

4) Convenience. A debit card can be used for online transactions, ATMs, and anywhere that Mastercard and Visa are accepted. Essentially, the debit card is a fantastic cash replacement for most transactions, except for when you lose NCAA tourney bets!

5) Love & Attraction. Susan G. Komen is a genius at trademarking the color pink for fighting breast cancer. If you are a male, and bust out one of these cards on a date, Im pretty certain the card will be a fantastic 15-30 minute talking point. If you are at the bars, and tell the bartender to keep it open, Im pretty certain women will want to inquire about the card. If you are a woman using the card at the bar, guys will most certainly use your card as a talking point as well!

DISADVANTAGES OF A DEBIT CARD

1) Protecting Yourself From Yourself. If you are at the BMW dealer and really want to splurge, you might only be able to buy a set of wheels instead of the whole car with a $10,000 limit from ACE or any other card. That said, Im sure if you demonstrate your financial muscle, theyll increase your funding.

2) Men Mock Men. If you hang out with a bunch of unruly, insensitive dudes, they might mock you for being a good guy and carrying a pink card. If youre too insecure to use it, then you best keep it hidden or use cash or a manly credit card instead.

3) A Card Is Still A Card. The reason why paying in cash is so painful is because cash is real, and a debit card is less real. Although you cant spend more than you fund in your debit card, you can spend it all if you are weak.

4) Fees. Debit cards can charge $10/month on average for its use. The good thing is that if you are going to the ATM machine several times a month, that cost negates out.

CONCLUSION

Ive never really thought about using a debit card until now. Having been jacked at gun point in a strange land before, Im hesitant to carry more than $100 in my wallet. If I could carry zero cash in my wallet and just use a debit and credit card, that would be the ideal scenario. A debit card is a useful tool for many of the reasons stated above. 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. Transaction is possible any time, thats why in India some people call ATM as all time money. If ATM machines are connected to internet then its possible to do transaction from any where, 24 hours a days and 365 days a year. With the security of ATM improving it has now become a safe mode of transaction. Hence it can be concluded that ATM is safe, fast, reliable, convenient, excisable and any time money machine.

In future the facilities that can be added to ATM machines are:

Filling of bills. Daily news headline. Check matches score or sensex ups and downs.

BIBLIOGRAPHY
https://www.onlinesbi.com/atm_cum_debitcard2.html https://www.onlinesbi.com/productandservices.html# http://www.financialsamurai.com/2010/04/05/the-benefits-of-debit-cards-over-cash-andcredit-cards
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