For consumers looking to withdraw just one buck at the local ATM, that day has arrived.
New smart ATM’s allow consumers to do more than withdraw cash in traditional $20 increments. In fact, consumers can take out as little as $1 to as much as $1,000 in nearly any combination.
That’s right, if you need $589, you can withdraw five $100 bills, four $20s and nine George Washington’s. Or if you prefer, you can take 10 $50 bills, 17 $5 bills and four singles. Get the picture?
The machine allows customers to withdraw custom denominations in increments of $1, $5, $20, $50 and $100 bills, depending on the location. Plus, at these new smart ATMs you can also load a pre-paid card and pay some bills.
These new smart ATMs are perfect for the starving student, customers who want to avoid waiting in lines to see a teller or any ATM regular.
Taylor Darden, who works at an Arlington mall right across the street from one of these new machines, called the smart ATM “fancy” and said she likes having more control of what she withdraws.
“You can get a certain amount out that you want exactly,” she said.
Wendy Peyton is a budget-conscious and busy mother of five. For Peyton, the benefits include not having to withdraw any more than she needs and the time she saves.
“I could easily do a transaction in two minutes and be in and out,” said the Mansfield resident. “With five kids, and sometimes waiting in the car, so it makes it really easy to get in and out.”
The screens look like giant iPads and your personal information is protected by a privacy screen if you move from side to side.
Right now consumers can find these machines at two new Chase branches in Arlington and Irving. They’ll also be available at a new branch in Flower Mound opening in March. But Chase plans on adding more.
“We have 400 of these great machines across the country and we’ll be looking at doubling that here within the next 12 months, so before the end of the year,” said Ryan Siegmund, a Chase district manager in Arlington.
There are other banks also using technology to give customers more options. PNC has ATMs that dispense $1 bills. More than half of the banks’ 7,200 ATMs have been upgraded and the rest will be done this year. However, there are no branches in Texas.
In Asia, Citi recently introduced a next-generation banking machine. It allows customers to do almost all their banking without visiting a branch, including opening accounts and applying for loans.
Some banks in other states are using virtual tellers, who help customers via video conference at ATMs. And new software developed by NCR Corporation will soon allow customers to initiate cash withdrawals from their bank accounts via smart phones and complete the transactions when they arrive at an ATM and scan a 2-D barcode.