Consumer Payment Card News

The Machine

Thirty years ago Americans were very wary of a new-fangled gizmo that replaced the bank teller. Today, the ATM has become an integral part of everyday life, as users line-up to use “the machine.” A new consumer study, released this week, shows that 78% rated the convenience of using an ATM machine for banking transactions as an important part of their everyday life. The research also showed that of those using ATMs, 54% use an ATM machine at least once a week, with 70% withdrawing $20-$100 per visit. The consumer survey, conducted by Harris Interactive and commissioned by eFunds, also revealed that American ATM/debit cardholders endorse additional ATM machine functionalities including purchasing stamps (50%), cashing checks (48%) and purchasing tickets for bus, lottery, concerts or sporting events (36%). On June 4, 1973 an ATM patent was awarded to Don Wetzel, Tom Barnes and George Chastain.

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