Soon, losing your ATM card won't be the financial life-stopping event it used to be. Just don't also lose your phone.
JPMorgan
Chase customers will soon be able to withdraw cash or initiate other
transactions using their cellphone at Chase ATMs being upgraded later
this year.
The move will include new cash machines that don't
require a card and upgrades to existing machines that will allow
customers to withdraw more money and in different denominations, said
Chase spokesman Michael Fusco. The withdrawal limit will also be
substantially higher, up to $3,000 (roughly Rs. 2,04,000) during branch hours.
The first
generation of these new ATMs will allow customers to access the machine
by inputting a code found on their Chase mobile app, Fusco said. Future
upgrades of machines will allow customers to use their cell phone's
near-field wireless communication feature to access their accounts,
using the technology that enables shopping checkout features such as
Apple Pay and Samsung Pay.
Customers will still be able to use
their ATM cards if they want to, Fusco said. The cell phone technology
will just be an option.
The bank's plans were first reported by the New York Post on Monday.
Chase
and other banks have been rolling out new and upgraded ATMs in a
continuing effort to replace the fleets of bank tellers at each branch
once needed to handle routine customer transactions. Fusco said Chase
now does more transactions each month via ATMs than with tellers.
Tellers
will still be in branches, however, to help with specialized customer
transactions, Fusco said. Chase is also moving tellers from behind the
counter to the branch floor to help customers navigate the new machines.
Other
features being rolled out with the new machines eventually, the company
said, will allow customers to cash checks, and pay Chase credit card
bills and mortgages at the ATM. Those features will arrive within the
next two years.
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