Are we really closing in on forty years of automated bank machines? Yes, we are. On December 1, 1969, CIBC brought forth the first Canadian bank machine. Granted, it isn’t even on par with today’s technology and advanced ABM’s, however, it gave us the very first opportunity to get cash from a machine, rather than a teller.
The first ABM, known as “the 24 hour cash dispenser”, used a key instead of a card, and let CIBC clients withdraw a whopping $30. It may not seem like much by today’s standards, but in the early years of automated banking, this was impressive.
Today, our automated banking system has the benefit of numerous advancements in technology, with the bank card itself remaining front and centre as our access point. Young people today don’t even know what a passbook is, and would be hard pressed to fill out a deposit slip.
So, with equal degrees of nostalgia and awe, we must wish the ABM system a happy fortieth birthday. Love it or hate it, people free banking is here to stay.
