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Courtesy Chase
A Chase investor presentation slide shows the new $1 and $5-dispensing ATM in action.
Even if you only have a dollar to your name, Chase and PNC want you to be able to take it.
The banks are in the process of deploying a new generation of ATMs that, among other features, will let you take out bills as low as $1 and $5. Chase's even have the ability to give out coins.
In recessionary times, it's perfect for draining your account to the last drop!
"We are always looking for ways to upgrade our ATM network with new functions that will make banking easier for our customers," PNC spokesperson Marcey Zwiebel told TODAY.
Just like how airlines have saved their customers, and themselves, time by installing machines that let customers print out boarding passes at the airport, for Chase, the new ATMs are more like full-service kiosks that supplement traditional tellers, company spokespersons told TODAY. Besides $1 and $5 bills, they'll give out the usual $20s, along with $50 and $100 bills.
The machines will be found inside Chase bank lobbies, vestibules, and drive-thru areas. Slides from a February 2012 investor presentation (PDF) say the the purpose of the "Self-Service Teller" is that it "allows customers to perform 90%+ of current teller transactions via self-service."
The ability to cash checks made giving out exact change to the penny necessary, a company spokesperson told TODAY. The presentation noted that checks cashed via a traditional teller line dropped 40% in the six-location pilot tests after the robo-teller was introduced, which "allows more efficient staffing."
So, long customer lines can get swift service, without the need to pay more human tellers.
Fees for using the machines will be the same as at traditional ATMs, free for customers and $3 for out-of-network transactions.
Company spokespersons told TODAY that Chase has deployed about 400 of the machines in the past year-and-a-half, and PNC has upgraded over 3,600 to dispense $1 and $5 bills. Both banks to double those numbers by year's end. Meanwhile, the lowest bill Bank of America ATM's spit out is $10, while Wells Fargo doesn't have any ATMs that dispense $1 or $5 bills.
"We're always looking at ways to make banking at our ATMs more convenient for our customers," Bank of America spokesperson Tara Burke told TODAY.
Perhaps they'll be inspired.
Let's just hope they don't hire HAL as the personality for the new automated tellers. Then if you try to switch banks he'll never open the lobby doors for you.
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Banks are finding creative ways to cut jobs by the day. This isn't a convenience for the consumer. It's more downsizing and laying people off that's convenient for the bank. Machines don't always work and they are not as reliable as going to a real person. There are also ATM scams going around (read about them online). I won't be surprised if they cut teller hours as well before the bank closes. Reminds me of the post office. Banks will have 6 windows for tellers but only one working. The teller or printed signs in the bank will tell customers to use the ATM for all their needs.
I was along the thinking lines of "Oh this will be nice" til they got to that part about the employees not being as needed. What they fail to realize is that while they are saving money on labor, they are only hurting the economy even worse by cutting those jobs. BOOOOOOO, is all I have to say, oh and keep the people along with the machines.
Kind of like grocery stores with 18 check-outs and 2 in service. Then they want to do away with self-checkout machines so the clerks can "interract" with the consumers. Just the place I want to chit chat. Why don't they just say it's all about shoplifting?
That's quite a boost to bank profits due to a bevy of clueless customers ...
$10, 4 times a month @ 1$ vs $20, 2 times a month at $1. If you can't take out cash at ATM's in $20 increments, you've perhaps got bigger problems than you realize.
This will help the banks charge even more overdraft fees. If someone is down to their last $5.00 and a check suddenly clears, that will be an extra $30.00 fee for the bank.
Chase charges you if you go under $50 already. I get a text if I go below $50 in my checking and if I don't deposit money to get over $50 they pull $50 from my overdraft credit line.
Personally, I'd much rather use an ATM (which is open 7/24) than wait in line to talk to/interact with a teller during "bank hours". This particular change won't have any impact on me (I just deposit the occasional check I get and take out a few hundred dollars of 20's when I'm running low on cash and most of my transactions are electronic/credit/debit anyway) except to reduce my cost of banking.
And what's wrong with reducing the number of tellers? We used to have telephone operators, then we got dials (and now buttons, indeed virtual buttons!) on our phones to do our own dialing. We used to have elevator operators, then we got push button panels. Would anyone want to go back to those days (and pay more for phone calls and for products/services to cover the cost of the elevator operators)? We celebrate that 40% of the labor force no longer works in agriculture (like they did in 1900 - only a couple percent do now) - being a bank teller is also, for the most part, also an unpleasant mind numbing job requiring relatively little skill and which adds little if anything to the real GDP.
We still have one of the biggest waste of human resources in the US taking orders at fast food outlets. I'm looking forward to the day that those will mostly be gone (maybe in a ten or fifteen years) replaced by phone apps and (for the Luddites) kiosks in the stores. Then I will be able to order in advance and the meal will be ready just as I pull up to the window (esp. if I choose to let the app track my GPS location, marry that information with live traffic conditions, and predict accurately when I will arrive). I will no longer have to talk to a human, either at the counter or the drive thru, whose English skills are weak and accent is strong and who makes errors that I have to catch. I will no longer forget to say "no onions on the Big Burger" because my preferences are stored and the app will always prompt me if I want onions on anything that comes with raw onions.
" (esp. if I choose to let the app track my GPS location, marry that information with live traffic conditions, and predict accurately when I will arrive). I will no longer have to talk to a human, either at the counter or the drive thru, whose English skills are weak and accent is strong..."
Nothing wrong with someone whose "accent is strong", LOL. You must really hate foreigners. Well OK... "humans". Personally I don't mind talking to "humans", most definitely including ones whose "accent is strong" (and for whatever it's worth I can also do without an app that will "predict accurately when I will arrive" at the local fast food restaurant)...
@STexan, you've got a really crappy bank if they charge for transactions on their own machines. As for overdraft fees, you can block transactions greater than your available balance from being processed. It can be kind of difficult to setup your account this way, as the overdraft protection programs don't really protect you, and that's what they like to market to you. It only protects incoming charges from being denied, while making you vulnerable to that $35 dollar fee each time.
And while on the topic of overdraft fees, why is it that banks feel so inclined to front you the few cents over a purchase may be, for $35 a pop, but probably wouldn't approve you for a loan??
Wow.finally someone came up with an idea that fixes the obvious! Hell, they have machines that dispense medical marijuana, you would think someone would have thought of this years ago.
Nothing more infuriating than going to a teller machine on a Sunday or a holiday, or during the work week and getting the dreaded can not accept checks or can not dispense cash.
This sounds kind of dangerous to me. It makes it easier for a person to overdraw their account and get charged a fee. I work in a bank and I see this as a way for the bank to make more money off of their customers who are already struggling financially.
Banks don't care how much money you have in the bank, they are more than happy to charge you an overdraft fee if you go over. Oh and BTW they don't need to tell you your funds are low for 24 hours so any overdraft fee you have may become 4 or 5 if you keep using your card. Typical ATM machines don't get update more than once a day so better keep track of your account and don't expect a call by you to your bank to tell you exactly how much you have in the bank either. I find they rarely match. What they will do next is tell you your first ATM transaction a day is free but you will be charged for everyone after that. So 4 $5 dollar withdraws might cost you a $20 fee in the future. Remember people nothing is free and when was the last time the banks gave away anything they didn't charge you for later?
I have been in a bank 2 times in the past 5 years. Once for foreign currency and once for an emergency money order.
But my bank doesn't have branches so I knew I wouldn't be doing a lot of face to face banking anyway.
There was an ATM where I lived about 20 something years ago that did that.
Me too.The ATM was owned by my credit union and located on my workplace campus.It certainly was helpful having bills smaller than $20s.
When Americans no longer need to deal with other Americans the respect for others will be even less than it is today - which is not much. This is another symptom how we are slowly eroding quality of civilization for maximizing profits. Capitalism is what it is. Perhaps the rabid need to study other economic systems and approaches that include quality of civilization and quality of life as well as economics.
Your post demonstrates that you have no idea what capitalism is. Learn before you post garbage!
Nice job. Way to emphasize the point about respect.
Like anything else, too much of a good thing can be bad for you. Unrestricted & unregulated capitalism will eventually consolidate the vast majority of wealth into a very small portion of the population. The greater their wealth and influence on individual markets become, the quicker this shift will occur. Kind of hard to deny when we've seen that as the wealth of the top 1-2% has ballooned over the last 15 years or so, so has the pace of wealth inequality quickened.
In the end, war will break out. When you strangle man's ability to survive and make a living you end up in a war. History repeats this all the time.
"The rabid need to study"? Respect? Read the post a couple of times..."The rabid...." Huh? Who are you saying is rabid?
I LOVE this and hope Bank of America follows suit. I also have no problem with less tellers if it means less fees for me. However, I doubt it will really mean all that many fewer tellers. I seldom go inside a bank now as it is. It just means I won't be forced to take my money out in increments of $10 or $20. I can now make choices closer to my personal needs and desires while at the ATM. I don't go inside and stand in line because I want $25. Instead, I take out $30 or $40 from the ATM.
Back 100 years ago we used to have a lot of farmers growing the food we needed. That need ended with the invention of many high tech machines that replaced work done by humans. This is no different. We are in the midst of the information technology revolution. Automation and smarter machines will continue to replace the need for workers, especially those jobs that require lower skill levels.
It is our education system that is not keeping up. We still have a K-8 and college system that follows a 1950s design.
Actually, I think we would be better off if our education system had similar levels of expectations for achievement that we had in the 1950's.
It seems that expectations have, except at the very high end (largely Asian immigrant families), dropped at the very time our students need to be better equipped because menial jobs (such as tellers, counter help, many manufacturing jobs) will become a smaller and smaller percentage of the available jobs.
our students need to be better equipped because menial jobs (such as tellers, counter help, many manufacturing jobs) will become a smaller and smaller percentage of the available jobs.
That may be true, but all of the strides we could make in producing more people equipped for the jobs of today or tomorrow won't make a difference if we make it easier and cheaper for companies to outsource their labor to someplace like China.
Once again Peter steers us clear of the facts. Shysters like the CEO's of Chase and Bank of America are using PT Barnum as their mentor, and that's OK with him. After all look at the profit margin of dispensing $5 for a $3 fee. Those are the kinds of rate loan sharks are envious of.
If you withdraw $5 from an out-of-network ATM you shouldn't complain about being charged $3! I believe most people are smarter than that.
Bill, I fear you have greatly overestimated the smarts of most people.
This is great imo. I do almost all of my banking either online or at the ATM. It's easy and it's fast. About the only drawback is if some numbskull is in front of you that sits there for 20 minutes pounding away on the screen. Why they do this is a mystery to me (though they always leave without money) but they are definitely out there.
Sorry NBC, but this is nothing new. The first generation of ATM's in the 80's dispensed both Fives and Twenties. Bank of America Arizona deployed these in their supermarket branches in the late 90's. I was in the ATM service industry from the mid 80's through the late 90's. Hated dealing with Fives, they would be in circulation long enough to get really ratty. They were constantly getting bunched in the machinery of the picker and jamming the machine. We found that a curved hemostat was the best tool for picking a mangled bill out of the rollers in the machinery.
As someone that worked for Bank of America in the early to mid '90s I find this peculiar because I remember when they converted all their ATMs to only dispense 20s in the name of saving money. In the name of customer convenience just doesn't sound like BIG-BANK behavior.
This is why I NEVER go to the automated tellers in our local grocery and wally world. If they can't pay a worker to do the job they don't need my business. I get my clothing at thrift stores and most of anything else I need there as well. The thrift stores get my money but China doesn't. Think the Chinese don't care? So far I have encountered a lot of Chinese men who have pads of paper and pens at the thrift stores. Hmm.. Wonder if they don't like the competition and will come out with their own versions soon? I also make my own clothes and do other frugal sustainable things and I don't have debt. If I am able I buy American.
Soooo un-american :)
BTW... are they going to up the interest for the savings and other accounts instead of pay more to the CEO's who get the stock options by upping the price of stock and manipulating the stock markets like they did before the Great Depression?
I never carry cash.The debit card is accepted everywhere that cash is.Too bad Chase doesn't drop the monthly checking account fee instead of wasting money on this nonsense.
Keep enough money in your account at Chase and you will have no fees.
peter
Join a credit union, and you won't have to worry about either.
Leave it to Peter17 to oversimplify reality to further the corporate agenda. Chase has a fee-du-jour system that nobody can keep up with.
Peter, just admit it, your a corporate tool, an indoctrinated cult follower of the RNC, you do whatever people like Mitt "Gordon Gekko" Romney would do to make money, which is pretty much anything at all.
Now I suggest you get back to work, sacrficing the working class for your billionaire gods. That's all wannabes are good for.
So if you're out of network and have $3 or less in your account, you can't access through one of these machines because of the fee. Give me a break; who's going to use an ATM to get one dollar? Most people don't even use cash for small transactions any more. Some don't use cash at all. This is not an upgrade, this is another opportunity to stick it to the consumer.
People have been wondering for decades why ATMs don't dispense anything smaller than 20s. What, do you guys want some kind of award for innovation and customer service? The technology's been there since the inception. Sheesh, already.
I must say I like the ability to take out dollar bills. Some times I have walked up to vending machines and found that all I have is $20s. I know that some vending machines take cards, but not all do.
As far as the issue of human tellers are concerned, there are sill many things that they do that can't be done by machines or over the Internet. I tend to do much of my banking outside of bank hours when all I want is some cash.
Three To Downsize:
1. The retiring couple.
2. A company.
3. The ATM machine.
=========================
The day to arrive, the day to come-
To spit out $1 and $5 dollar bills,
instead of just the $20 minimum.
Umm not really new news, US Bank already has been doing it for awhile, Chase and others are last to the race!
Since there's been no real call for it - $20 has been fine for the last two generations - you can bet the banks have figured out another way to nickel-and-dime their customers. Get smart. Check out credit unions.
I see people pull out $20 at ATM's and pay a $3.00 fee to do so. That is a 15% transaction fee people! Now those same people may have the opportunity to only take out $5 and pay the $3 transaction fee which would be a whopping 60% fee!!! Wake up and do a better job managing your money!!!
If they do that, they are idiots. I think for the most part people want the ability to take out $25-30 rather than $40 if they know they might need a little more than $20 to do the night out on the town (which is proper money management). Sadly, I don't know why anyone wants to use an ATM to get money anyway. More oft than not you are no where near your own bank ATM when you get money. Therefore, when you do take out your $20, you are paying a $3 fee from your bank and another fee from the bank/corporation that hosts the ATM. I've seen someone want to take out $20 out of an ATM only to find out it would have been $9.50 in fees. They cancelled the transaction.
They used to dispense $5-10 dollar bills here in Canada untill the greedy banks chose to service themselves by dispensing only $20 to force more useage.
SHAME
I don't see ATMs TRULY replacing tellers anytime soon. Though I do see tellers getting laid off, longer lines, and being forced to use machines that barely do the job or take twice as long. I don't see fees coming down anytime soon either.
This is nothing new. I remember When ATMs first appeared back in the early 1980s, and up until the early 1990s, they would dispense $5, $10, and $20 bills.
If I need one dollar that bad Im going to stand in front of the pick and save and panhandle.
Hey New Reality if you do need that $1 I'm pretty sure you WILL go to the ATM & NOT stand in front of Pic n Save!!
Another good move by corporations understanding customer satisfaction. I do electronic banking as much as possible. Don't write checks. Have direct deposit whenever possible. Get cash back when shopping using debit card. And when I do deposit checks, it's through an ATM without a deposit slip (thank you BofA).
Want to create jobs? then people need to learn new skills. Most Bank Tellers are near minimum wage flunkies. It is a waste of labor.
Why pay ATM fees, just stop at a Walgreens and buy a candy bar (or whatever) and get cash back for free. CVS will do $5 cash backs to.
'Bout time.
Hey, all you other stinking, greedy, bailed out 'anything for a profit' banks -
ARE YOU PAYING ATTENTION HERE?
YER NEXT!!
Yer Pal Always,
Thee Ox