The Economics of Everyday Things 36. ATMs
Feb 12, 2024
Guest Zachary Crockett explores the history and rise of ATMs, the challenges of placing them in a cashless economy, the impact of ATM fees on underbanked neighborhoods, and transaction volumes and class confusion.
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First ATM Venture
- Jon Weilbaker's first ATM venture involved a drugstore next to his house.
- The ATM's success in this location spurred his expansion into the ATM business.
Democratization of ATMs
- Cheaper portable ATMs opened up the market for independent operators in the late '80s.
- This democratized ATM ownership, shifting it from banks to individuals.
Early Days of New York ATM
- Pat Tuz transported large sums of cash via subway for their ATM business.
- Their daughter, Sasha, initially perceived this unusual practice as normal.