We're inching closer and closer to the future and it involves everything from virtual reality to local currency.
JP Morgan Chase will soon provide consumers a way to withdraw cash with a smartphone in addition to already paying for goods and services with it.
Say goodbye to plastic debit and credit cards as the company is rolling out new ATMs across the country. The machines will also dispense cash from $1.00 to $100.00.
The nationwide roll-out came after a successful run of trials with 156 New York City Chase branches. These new ATMs, called eATMs, was realized when payment apps became popular ways to transfer money.
A dedicated app allows Chase bankers to log in to the ATM without using a card and it provides ease and access for the user. For example, a user who needs $45.00 is forced to withdraw $60.00 if the machine can only dispense bills of twenties. Now, bankers can withdraw the exact amount that they need without the hassle of worrying if one has exceeded the allowable limit.
The new eATMs allows eveyryone with the app to withdraw in $1, $5, $20 and $100 bills. In addition to this minor but useful convenience, withdrawal limits will be increased to $3,000 in ATMs located within Chase branches.
Michael Fusco, a JP Morgan spokesman, announced that they...
...analyzed withdrawals occurring at our teller lines and found that 90 to 95 percent of withdrawals are under $3,000, so setting the limit there would allow the devices to serve the vast majority of our customers
This new roll-out is beneficial for both ends as this move will also save the company money where teller transactions are said to cost more (65 cents to make a deposit) compared to ATM (at 8 cents per transaction) or app transactions (at 8 cents).
