Automated Teller Machines
Over the past 20 years, the number of automated teller machines (ATMs) in the U.S. has increased almost 23-fold. In 1976, there was approximately one ATM per 13,700 households; by 1995, there was one per 807 households. Although the 17% annual growth in ATMs per household recorded prior to 1983 has abated, this number is still rising almost 5% yearly. The explosion in the number of ATMs has reduced the costs of banking services to consumers.
Suggested citation: “Automated Teller Machines,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-11, pp. 05, 11.01.1997.