Latest in Gear

Image credit:

Get ready to use your smartphone to withdraw cash at ATMs

Chase has announced you won't need your card to use its incoming cash machines -- and other banks have similar plans.

Shares
Share
Tweet
Share
Save

Soon, you won't need your card to withdraw cash from JPMorgan Chase ATMs. Upgraded machines arriving later this year will be accessible with your phone, using codes generated from its smartphone app. That's only the first stage: second-generation upgrades will offer up NFC access to bank accounts, like Apple Pay and Samsung Pay. Yep, you'll still be able to use your cards, but importantly, the new machines will also have higher withdrawal limits during banking hours — up to $3,000. Future upgrades include the ability to cash checks and pay bill through the machines, but expect to see those features some time in 2018. Chase isn't the only bank looking to involve your smartphone with your money.

At the same time, TechCrunch reports that Bank of America and Wells Fargo are working on their own mobile connected solutions, with Apple Pay mentioned in discussions with both banks. Accordiing to Bank of America, it'll "enable customers to leverage NFC ( technology on their smartphone in order to authenticate and complete transactions at a Bank of America ATM."

"We will roll out this capability in late February with associates at select ATMs in Silicon Valley, San Francisco, Charlotte, New York and Boston followed by a broader roll out to customers mid year."

From around the web