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By: Ikedi Ani-okoye.

Cash dispenser definition

Computer-controlled terminal located on the premises of financial institutions or elsewhere, though which customers may make deposits, withdrawals or other transactions as they would through a bank teller. Other terms sometimes used to describe such terminals are customer-bank communications terminal (CBCT) and remote service unit (RSU). Groups of banks sometimes share ATMs. Sometimes called Automated Banking Machines.

Cash Dispensers in eastern europe

Today all major cities of Ukraine have a huge network of cash dispensers, or simply ATMs. In Ukraine an ATM will give you money in local currency, that is in hryvnias. In order to withdraw money from ATMs one should know his personal identification number (PIN), which must contain numbers only, as Ukrainian keypads have no letters. One will pay a fee for using ATMs but this fee is considerably lower than that for traveler's checks.

Scrip Cash dispenser

With a scrip cash dispenser, the customer identifies themselves by inserting a plastic card with a magnetic strip or a plastic smartcard with a chip, that contains his or her account number. The customer then verifies their identity by entering a passcode, often referred to as a PIN (Personal Identification Number) of four or more digits.

Upon successful entry of the PIN, the customer may perform a cash withdrawal transaction. If the cash withdrawal transaction is approved the machine prints a receipt, which is known as scrip. The customer then takes this scrip to a nearby sales clerk, who then exchanges it for cash from the cash register's cash drawer.

CONCLUSION

The world's first cash dispenser was installed at Barclays Bank Enfield, North London and unveiled by Reg Varney, a British actor and comedian on 27 June 1967. The machine was called a DACS (a De La Rue Automatic Cash System) and branded Barclaycash. The invention of the first automatic cash dispenser was truly significant as it gave consumers instant access to their cash, 24 hours a day, 365 days a year, anywhere in the world.