Need cash but your ATM card is MIA? That’s not a problem with JPMorgan Chase’s new ATMs, which will be rolled out nationwide this year. As long as you have your smartphone, you’ll be able to use it to withdraw cash and initiate other financial transactions.
The new card-free ATM will allow customers to access their accounts by typing in a one-time code that they get from their Chase mobile app, the Associated Press reports.
“This is not replacing debit cards, just giving customers another convenient option if they do not have their debit card with them,” Chase spokesman Michael Fusco said in a statement.
The ATM upgrades also include an increase to $3,000 on cash withdrawals during branch hours and additional denominations of bills ($1, $5 and $100 bills will join the $20 bills), so customers can request money in multiples other than $20.
Future planned upgrades to Chase ATMs will enable consumers to simply tap their phone to the ATM to gain access to their accounts. This uses smartphone’s near-field wireless communication feature, which is the same technology that enables payment apps like Apple Pay. Other perks, including check cashing via ATM and making Chase credit card and mortgage payments at the ATM are in the works and should be in place by the end of 2017.
“The changes come as Chase’s monthly ATM transactions outpace the number of teller transactions in its branches, and as JPMorgan has been cutting costs, including staff, to boost profits,” USA Today reports.
Chase, which has ATMs at more than 1,500 branch locations, hopes to increase the number of teller transactions processed by its ATMs from its current 60 percent rate to 90 percent by the end of this year.
Chicago-based BMO Harris Bank also offers “‘Faster and Safer ATM Access, Without a Card.”
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