E-mail updates
Follow on Twitter
Subscribe to RSS
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.
Leave a Comment:
So now they can make more money off poor people.
Guy has $10 balance so he pays $3 for a fee and that leaves him $7 and get withdraws $6 to leave a $1 balance. He pays nearly 50% of a fee so he can eat that night.
Not sure if I got you STexan, but from how I got youre comment is that WE ALL should not need to pull anything other than $20's?!?! Well not all of us might have the income that you probably have!!! I do & have had to pull out less than a $20 f#@%$# bill & no I dont have a "problem" like you said.
yeah, they'll charge you $3 to get $5 as a "small denomination convenience fee"
way to go banks!
I signed up with a bank locally because they offered me no monthly checking account fees. Then that local bank started charging me $5.00/month for my checking account. So when I found out I closed the account. Screw you greedy bank. When they send me the check with my balance, I'm filing a complaint with a local BBB.
NEW generation of ATMs?
Hardly.
The originals in the 80s dispensed $20s and $5s. Do some research. Or hire someone over 19 years old.
Now if it would dispense rolls of quarters when I need them that would be neat. Only thing is I can get $10 back at a car wash for $10 asked but with about $5 in fees what a rip off.
This will be a sweet deal for anyone stupid enough to pay $4 to take out $1
"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.
Another example of BoA dishonest approach to banking. Instead of admitting the stingy BoA is lagging behind banking technology, BoA mislead the public with a statement claiming they are always looking at ways to make banking convenient to its customers. BoA is the master of twisting the truth and masking their dishonestly. Through persistent practice, Orwellian 'Double Speak' has become BoA's forte.
Using obscure and fancy languages in its fine print contracts, BoA is noted for nickel and diming its customer to death with hidden fees and charges. After over a decade of abusing consumers, most of BoA' s California consumers bolted and withdrew hundreds of millions of dollars causing BoA to sell its San Francisco HQ and ultimately, had to merge with a South Caroline bank that erroneously thinks the name BoA has a positive cache. A legacy of evil and greed is more accurate.
Despite having been punished for dirty, deceitful and immoral banking practices, BoA has learnt nothing because bascially the bank's culture is rotten, filthy, and evil to the core, not suspectable to rehabiliation. If BoA were a person, he would have been convicted of the most hideous crimes and imprisoned for life without parole or summarily executed for crimes against humanity.
Whoa, this is obviously a trick to get people to hit the ATM's more often...and we all know that will increase their fee revenue. Banks are pretty easy to see through.
Worked with debit cards also.
In the next couple of years bank tellers will be a thing of the past. Bank customers will be doing their transactions with Avatar's. It will happen sooner than you think!
What a scam. If I only want a quarter why should I have to get a whole dollar! Never mind it may cost me $3.00 to get $1.00 or 25 cents.
This new 'service' is producing revenue for the bank - or they wouldn't do it. NOTHING is ever done purely for 'customer convenience' - there is a return on the investment somewhere, somehow. In this case, it appears the cost of the machines and ROI are based on reducing employees on the front line.
I am ok with machines doing some of these tasks. But you have to wonder at what point does human and machine separate? Minds and bodies can be freed to pursue more advanced endeavors - but to what end?
As a kid I was absorbed in reading a series of kids books called The Runaway Robot by Lester Del Ray. Man - how I wanted to have a robot as cool as that one!!! Are robots coming? Sure they are. Humans want servants...and there isn't any criminal ramifications for abusing a robot. And, it seemed there weren't any 'stupid' people in the stories.
Or maybe, just maybe...the separation between the have's and the have not's was complete. Finally, no more cashiers that can't add or subtract. No more classrooms and no more teacher's unions. No more 'money'....just electronic credits and debits. No idiots on the freeway. No sickness. No want.
Yes, the machines have fixed everything.
I think there is a small upside to being able to take out smaller bills at the ATM. Often times i dont need 20 dollars. A five or ten will do just fine to carry me for a couple or more days. therefore more of my money stays in the savings or other investment acount to earn a couple pennies interest more. Hey if the ATM is going to start dispensing change every little bit in the account helps.
The downside is for the employees. Fewer of them. The banks forgets that it is the human element thats creates goodwill and often times generates new business. Many a time I would rather have an interaction with a real live, friendly and knowledgable person in front of me than deal with a machine. I never know when I might want to ask a question about my account or new product or service on the spur of the moment. If that teller or other employee i know is no longer there the bank might lose my interest or business. That is information, business , and human goodwill worth money that the bank could never generate or recoup from a machine.
Credit Union = no stupid fees and they pay me back all ATM fees every month for ATMS used anywhere. The day I moved from banks was a glorious day. I dont need a location on every corner :)