Depositing at L.A. bank -- in London

By , Special to The Christian Science Monitor

First Interstate Bank of California, Los Angeles, becomes the first United States bank to establish an automated teller machine (ATM) in Europe. A machine at its London office provides customers with the same 24 hour-a-day convenience as in California.

The London setup is linked via satellite to a computer in El Segundo, near Los Angeles, where account activity is recorded. Despite the distance, transactions take about the same time - 30 seconds.

The difference is that the London ATM dispenses British pounds (with a limit of (STR)100 per day per customer) rather than dollars. Customers' statements will reflect withdrawals in US dollars, based on the exchange rate on the transaction date.

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First Interstate Bank of California, the 15th-largest US commercial bank, is part of the Los Angeles-based First Interstate Bancorp.

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