Imagine that you're out at a dive bar on a Saturday night.

You order a drink and take out your credit card, and the bartender, she tells you they only

take cash.

And because you're living in the 21st century, you don't have any cash

in your wallet. Just as you're about to go grovel to your friends, the bartender points to a

dimly lit corner where you see your salvation. It's an ATM. ATM stands for automated teller machine.

The name is a reminder that long ago, people used to have to get their cash from a

human teller at a bank branch.

Today, there are around half a million ATMs in the U.S.

And most of them are those little standalone models that you find at nail salons, corner

stores, and bars.

They're owned and managed not by banks, but by individual operators who earn a living off

the surcharges that you have to pay to withdraw money.

And anyone can get into the trade.

It's not regulated.

You don't need a license.

You just go out and buy one of these ATMs and find a spot at a barber shop

and you're in business.

For the Freakonomics Radio Network,

this is the economics of everyday things.

I'm Zachary Crockett.

Today, ATMs.

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