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