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Automated teller machines, also known as ATMs, were created in 1984 to allow an alternative for those who wanted to be able to purchase things without carrying cash. Fred J. Gentile and Jack Wu Chang, the inventors of the ATM, envisioned that a person could make a transaction or a purchase through the use of a single, personalized ATM card, thus avoiding the need to exchange cash or write a check. For the cards to be personalized, they needed to be connected to the person’s accounts. This means that all of a person’s accounts, whether checking or savings, as well as credit cards and debit cards, could be accessed with an ATM card individualized for that person.

ATM cards can be processed in three ways: (1) ...

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