New ATM Will Also Dispense One and Five Dollar Bills
You need cash and search for the nearest ATM to get your cash…no problem, right? Well, what if you only need $15? You can’t do that because most ATMs only dispense $20 bills. In a somewhat surprising move to make life a little easier for customers, both Chase and PNC banks are putting out hundreds of ATMs that will also dispense $1,$5 and $10 bills. Chase has already installed about 350 of the new machines and about half of PNC’s 7,200 ATMs have been converted…how cool is that! The new ATMs are free to bank customers, but out of network customers will still be charged a fee.
This is especially good news for bank customers who tend to have low account balances who need less than $20 or need $25 but don’t want to withdraw $40 because that will force them to be overdrawn. I don’t know about you, but I do not like to withdraw more money than I need.
Keep in mind that banks pay to add denominations to their ATMs so, they will have to make up that cost either through fee revenue or customer retention. I’m sure other banks will wait and see how this turns out for Chase and PNC before they follow suit. We’ll see if it lasts, but it’s a great idea and is much better for the customer.