Banks before the Computer Age
Jul 18, 2023 16:11:57 #
Does anyone remember how banks functioned before the age of computers? I was going through an old cardboard box and found my Bank Account booklet from 1973, some 50 years ago. I recall that I had a banking booklet associated with the account. When I went in to make a deposit or withdrawal, the teller would take the booklet, open to the next available page, insert the booklet into a machine, tell the machine what line number on that page was next to be used, and then record the date, deposit or withdrawal, and the account balance. My, how times have changed!
Jul 18, 2023 16:56:03 #
I remember well. The only place you could get cash was at the bank, no ATMs.
Jul 18, 2023 17:20:24 #
Actually, the first ATM became operational September 2, 1969 at Chemical Bank in Rockville Centre, New York. ATMs went on to revolutionize the banking industry, eliminating the need to visit a bank to conduct basic financial transactions. By the 1980s, these money machines had become widely popular and handled many of the functions previously performed by human tellers, such as check deposits and money transfers between accounts. Today, ATMs are as indispensable to most people as cell phones and e-mail.
Several inventors worked on early versions of a cash-dispensing machine, and some existed as early as 1967 in other countries. Don Wetzel, an executive at Docutel, a Dallas company that developed automated baggage-handling equipment, is generally credited as coming up with the idea for the modern ATM. Wetzel reportedly conceived of the concept while waiting on line at a bank. The ATM that debuted in New York in 1969 was only able to give out cash, but in 1971, an ATM that could handle multiple functions, including providing customers’ account balances, was introduced.
Several inventors worked on early versions of a cash-dispensing machine, and some existed as early as 1967 in other countries. Don Wetzel, an executive at Docutel, a Dallas company that developed automated baggage-handling equipment, is generally credited as coming up with the idea for the modern ATM. Wetzel reportedly conceived of the concept while waiting on line at a bank. The ATM that debuted in New York in 1969 was only able to give out cash, but in 1971, an ATM that could handle multiple functions, including providing customers’ account balances, was introduced.
Jul 18, 2023 17:20:32 #
Jul 18, 2023 17:55:37 #
Almost $11,000 in the bank 50 years ago. I had no idea you were so wealthy !🙂
Times have certainly changed
Times have certainly changed
Jul 18, 2023 18:20:06 #
therwol
Loc: USA
bobbyjohn wrote:
Does anyone remember how banks functioned before t... (show quote)
1973 was not before the age of computers. I was programming computers in 1973. Big company payrolls were handled on computers, and the checks were printed out from those computers. The Apollo missions were programmed by computers. Many government agencies, the phone company and many academic institutions were using computers. You can be sure that big banks were using computers to keep track of what you had in your book.
But yes, I remember those books. I threw mine away long ago.
Jul 18, 2023 19:23:18 #
Somewhere in my junk I have my first Bank Book recording a $10.00 deposit made in my name by my grandfather on the day of my birth, April 1943.
Jul 18, 2023 19:32:43 #
Jul 18, 2023 20:10:31 #
therwol wrote:
1973 was not before the age of computers. I was ... (show quote)
Yup!! I think I was programing in basic in 71' on a time share computer at Montclair State U, NJ while on a NSF grant.
Anyone remember Christmas Club accounts at banks? I had one every year from about age 8/9. It's how I bought Christmas/Hannukah presents for family. Yes, we celebrated both.
Mark
Jul 18, 2023 20:32:34 #
WOW! If I'm reading it right you actually earned decent amount of interest on the money in your account.
Jul 18, 2023 20:49:39 #
usnret wrote:
WOW! If I'm reading it right you actually earned decent amount of interest on the money in your account.
That interest payment would amount to @ 3%+/- annually. That was probably the going rate for passbook savings in those days.
Jul 19, 2023 05:22:07 #
Shellback wrote:
Actually, the first ATM became operational September 2, 1969 at Chemical Bank in Rockville Centre, New York.
A cash machine was put into use by Barclays Bank, Enfield, in the United Kingdom, on 27 June 1967, which is recognized as the world's first ATM. This machine was inaugurated by English actor Reg Varney.
http://en.wikipedia.org/wiki/Automated_teller_machine
Jul 19, 2023 07:03:09 #
Jul 19, 2023 07:07:43 #
Jul 19, 2023 07:29:57 #
bobups
Loc: Bath pa
I went to pnc bank the other week and there is No bank teller at all you must learn to use the machine
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