For those of you who might forget your credit or debit card, JPMorgan Chase might have solution.
The bank is upgrading its entire fleet of ATM’s this year to include features that will allow you to take money out of your account by simply tapping your phone.
According to USA Today, there will be two phases in the process.
First Phase: Customers can withdraw cash from a Chase ATM using a one-time pin number that will be sent to their smartphones.
Second Phase: Customers will be able to withdraw cash by tapping their phones to the ATM, much like the Apple Pay process.
The upgrade will also include features as listed below:
- Withdrawals of up to $3,000 on ATMs located inside branches and during branch hours.
- The ability for customers to choose a custom withdrawal amounts. Rather than multiples of $20’s, a customer may request $48 and receive it in the form of one $20, four $5’s and eight $1’s.
- Check cashing via ATM.
- By the end of 2017, customers will also be able to make their Chase credit card and mortgage payments at the ATM.
JPMorgan has ATMs at more than 1,500 branches. This upgrade is aimed towards cutting costs, including staff, to boost profits since Chase’s monthly transactions reportedly outpace the number of teller transactions in its branches.
