The bank is rolling out new "cardless" ATMs.
Need money, but forgot your ATM card? As long as you’ve got your phone, it may not matter in the future.
In a potentially revolutionary new move, Chase is rolling out some new ATMs it is calling “cardless” or “eATMs,” and these cash machines will let customers get money by using an app on their phone instead of swiping an ATM or debit card, according to a New York Post report.
In addition, these new ATMs will allow you to pull out $3,000 at a time, which is triple the old withdrawal limit.
JPMorgan Chase will roll out these ATMs nationwide later this year.
It’s a clear sign that the big banks are looking to compete with brand new payment options like PayPal’s Venmo and Square.
In addition to offering more convenience to the customer and putting Chase in position to compete with some of the newer offerings out there, it also saves the bank money, as using a teller to make a deposit costs 65 cents for the bank, 8 cents for the ATM, and 3 cents for an app.
Also, the bank is looking to slash costs by limiting those expensive teller visit as Chase noticed that 90 to 95 percent of withdrawals are under $3,000, so raising the limit would eliminate the need for a huge amount of bank visits.
However, there’s a small catch. All of the new higher-withdrawal eATMs will be located inside a Chase branch, so you’ll have to visit it during bank hours.