Vintage Banking - 1980 Electronic Funds Transfer, Introducing EFT (ATM, ACH, Computing)

Vintage 1978-1980, a cute and nostalgic look at the “NEW” EFT process introduced in 1978. The last 2 minutes are especially interesting. Note: This was 15 years before the "World Wide Web." Uploaded in its entirety. Computer History Archives Project

{Produced in 1980 as an Educational Public Service by the Philadelphia Federal Reserve Bank}.

(a helpful viewer added: ” The bank scenes were filmed at a First Pennsylvania Bank branch in the Packard Building in Philly. It’s a Del Frisco’s steakhouse now. The basement vault shown in the video is still intact. The vault interior has been converted to a private dining room encased by glass wine cellars and still has the 13-ton metal door. (Lots of pics of this — just Google “Del Frisco’s vault room”) – Thank you, David!

A little about Del Frisco:

EFT – Electronic Funds Transfer
ATM – Automated Teller Machine
ACH – Automated Clearing House
PIN – Personal Identification Number

More related early ATM history videos:

1967: The world’s first ATM unveiled at a Barclays Bank in Enfield, UK.

1969: First ATM in U.S.

1969: An Australian news video its first ATM

[salano]

"Some day in the future you will be able to pay for it by phone" I LOVE THIS

[StuffOffYouStuff]

Gold. They need to show this young people today. Love the sound effects. "think electronically" is the best line. I'll be saying that more to people when they're being dumb

[CozyMoose]

The bank scenes were filmed at a First Pennsylvania Bank branch in the Packard Building in Philly. It’s a Del Frisco’s steakhouse now. The basement vault shown in the video is still intact. The vault interior has been converted to a private dining room encased by glass wine cellars and still has the 13-ton metal door. (Lots of pics of this — just Google “Del Frisco’s vault room”)

[StarFleet_Tech]

I worked in banking transactions operations for over 10 years. I understand this entire video.

[frankowalker]

So cheesy, great. As for checking your bank account and buying things through you phone line and seeing it on your TV, pure fantasy. :)

[StuffOffYouStuff]

I'd kill to have crude green line 'graphics" on a CRT to represent pictures of household goods I was browsing. And then to top it off, controlling it all with the DTMF tones on the phone. Someone needs to market retro-future tech!

[JohnMullee]

Very nearly 'prior art' of the 1-click purchase patent ;)

[AlkeMoraitis]

You reach awesome results, man! Thank you for your amazing tactics🌎

[WatchingDude]

13:04 what's with the sudden blaring music at this time Point?

[thesteelrodent]

In Denmark we already had automatic bill payments (automated bank transfers) since the 1970s, and we got our national debit cards in 1983 and with that the first ATMs. Within a few years, as debit card terminals found their way into most stores, the use of cheques and cash rapidly declined. By the mid-90s the use of cheques had nearly seized and stores refused to accept them; only banks would accept cheques. A few years later you could no longer get a chequing account, and by then nearly all our banks had their first online banking systems, which meant many things could be done through self-service, and otherwise by sending (encrypted) email to your bank. By 2015 when we got the first touch-and-go debit cards that didn't require a pin code for small purchases, the use of cash had nearly seized, at least amongst the younger generations, and almost all banking was done online. This has resulted in banks closing one branch after the other and many ATMs have vanished as well because there's no need for them since people don't use cash. This evolution only got accelerated in 2020 where stores urged customers to use card payments to avoid the potential transfer of Covid by handling cash.

[roachtoasties]

Where can I meet this guy who has I Dream of Jeannie/Bewitched skills. You don't even need any of these computer technologies if you know him. Just have him magically transport you into the bank vault and help yourself to the money. No EFT, or anything else, needed.

[micai.j]

I really love this little film, It’s cute. 1980 looked so much like the 70s 😂 I love 80s/retro-futurism..

[UKbrownSkinBoy]

"I suggest you read it carefully"
Does what everybody does when faced with T&C's, gives it a quick glance, puts it in his pocket, never to be seen

[TheTwick]

Very cool! Any idea on the storage density of a reel of mag tape? In Megabytes? I’m curious. Remembering that my first HD (in early 80’s) was 20 MB (an aftermarket expansion slot drive) and I thought that was more memory than I’d ever need! Yes, EFT - the way to the future. I used it as soon as it was available. These people couldn’t imagine the Internet.

[chaserr]

Now days you’d run, if someone was looking at you & trying to talk to you at a closed bank …

[josephaltman]

IDK! I wouldn't trust my all of my banking info on reels of TAPE!