Chase, PNC ATMs Now Dispense $1 And $5 Bills
Don’t you hate it when you need $25 in cash but the ATM will only let you choose form $20 or $40? Or what about those times when you need a $5 bill and can only get twenties out of the machine, then you’re left walking around asking who can make change. Chase and PNC now offer a solution to such inconveniences. Both banks have launched ATMs that dispense exact change to the nearest dollar, allowing customers to withdraw $1 and $5 bills.
Chase has already rolled out the option to between 350 and 400 ATMS in the past 18 months, but expects to double the number by the end of this year. The machines allow customers to choose “customer denominations” and select how many and what type of bills they want to receive, ranging from $1 to $100. Some Chase ATMs even dispense coins through a pilot program that will later be released nationwide.
PNC offers even more customized ATM machines. The bank has already upgraded more than half of its 7,200 ATMs to dispense $1 and $5 bills during the past year and plans to upgrade the remainder by the end of the summer.
According to Bankrate.com senior financial analyst Greg McBride, the option to get exact change is great for customers who may have low account balances and need to withdraw less than $20 or those who need to withdraw a median increment—like $25—and don’t want to take out $40.
“Particularly in difficult financial times when peoples’ account balances have been lower, not having to withdraw more money than you really need is helpful,” said McBride.
Of course the machines will still charge out-of-network fees to non-customers, and may not be the best option in those cases. Paying $3 in order to withdraw $6 is probably not the best economic decision. But it could be wise for an out-of-network customer who needs… say… $25 and only has $30 in their account. Rather than withdrawing $40 and paying an overdraft fee, the $3 ATM fee might make sense.
I want more stuff like this!