The Robinson LibraryTHE ROBINSON LIBRARY
The Robinson Library >> Economics >> Banking
Automated Cash Dispenser

On September 2, 1969, a machine called a Docuteller "opened for business" on an outside wall of the Chemical Bank branch in Rockville Centre, New York.

A bank advertisement announcing the event touted, “On Sept. 2, our bank will open at 9:00 and never close again!”

Previous automated bank machines had allowed customers to make deposits, pay bills or obtain automated cash, but only after purchasing a one-time voucher or card from a teller. The Docuteller was the first in the United States to dispense cash using a magnetically coded card that didn’t require teller intervention. It was, however, much more limited in the services offered, as it could only dispense cash; customers wishing to make deposits, pay bills, check balances, etc. still had to rely on tellers.

Despite its limitations, the Docuteller proved popular and before long banks across the country were installing their own automated cash dispensers.

The Bank of America cash dispenser shown here allowed anyone with a checking account at the bank, and magnetic stripe card, to withdraw up to $25.
Bank of America Cash Dispenser

Questions or comments about this page?

The Robinson Library >> Economics >> Banking

This page was last updated on June 25, 2017.