New ATMs Churn Out $1s and $5

Chase Bank is rolling out the new machines, and PNC already offers the service at half of its ATMs.

Withdrawing $14—or any other amount of cash—from an ATM is now possible, as two banks have launched new cash machines the dispense a variety of bill denominations.

Both Chase and PNC have brought ATMs online that allow customers to "withdraw denominations as low as $1 and $5."

PNC has upgraded more than half of its 7,200 ATMs and expects to finish the process by the end of the summer, Money News reported.

Chase is rolling out entirely new machines. Currently, there are about 400 of the banking kiosks across the U.S. Chase hopes to double that number by the end of 2013, Chase Bank spokeswoman Melissa Shuffield said.

"They're all over the country and we'll be expanding this year," she said.

The machines resemble airline check-in kiosks and are being installed in bank lobbies and drive-thrus. Customers withdrawing cash can get exact amounts by selecting bill denominations from $1 to $100. They also can pay credit card bills, load pre-paid cards and—eventually—cash checks.

The aim of the kiosks is to increase the bank's efficiency while not upping staff costs, MSN Money reported.

Both banks are offering the service free to their customers, but will charge an out-of-network fee to others.

The one hiccup may be locating an ATM equipped to dole out more than $20s. The "Find an ATM or Branch" search functions on the Chase and PNC websites don't note which locations have been upgraded.

Will being able to withdraw exact amounts be useful for you? Tell us in the comment section below.


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Michael A. Lewis January 19, 2013 at 03:01 AM
This is news?


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