Atms in Singapore

The earliest version of automated banking in Singapore was the cash dispenser machine. Installed outside a bank building, the machine allowed a bank customer to insert an ATM card and withdraw a fixed amount of cash during or after banking hours. It provided convenience to customers who needed urgent cash even though its functions were limited. In recent years, this simple machine has been replaced by the more advanced Automated Teller Machine which can provide a wider range of services. The objective of this report is to establish when ATMs were first introduced into Singapore and to concentrate on their development and operation as a cash dispenser since then. New features and services in relation to ATMs are discussed and the legal relationship created between the cardissuers and the cardholders is considered by means of an analysis of the terms and conditions contained in the banks' application forms for ATM cards. Future possible developments in ATMs are also discussed. Data was collected through independent research involving the study and analysis of articles published in the local newspapers, journals, bank brochures, magazines and books by both local and foreign authors. Numerical data was gathered via published statistics wherever available and from the annual reports of several pertinent banks in Singapore. A number of conclusions and recommendations are drawn from the analysis of the data collected. iBUSINES