The Future of the ATM

Buggy PNC ATM (via Matt Blaze on flickr)

Choose any amount you like (courtesy of Matt Blaze/Flickr)

The other day, I needed some cash to pay a bill and decided to visit the Automated Teller Machine (ATM) at my local bank. I only needed $25, but like most ATM machines in the United States, this machine only dispensed $20 bills.

Whether I liked it or not, I would have to withdraw $40 despite needing no “walking around” money. I’m sure this is a common story for many of you, too.

Well, no longer.

Recently, several American banks have upgraded their ATMs to dispense smaller denominations like $1 and $5 bills. Some even dispense coins as well and can give you the exact amount of cash you need, which will be a godsend for people who maintain lower balances or find themselves between paychecks.

At the moment, only two banks have installed these newer, more economical machines: Chase and PNC. Other banks are considering similar moves, of course, but these two are paving the way. And God bless them for doing something that should have been done when the global financial crisis first began.

Now if they will just do away with those annoying non-customer, ATM service fees, then all will be right with the world… at least from a convenient banking standpoint. This is definitely a good start!

Posted on January 18, 2013, in Perspectives and tagged , , , , , , , , , . Bookmark the permalink. 2 Comments.

  1. ATMs dispensing lower amounts as per the wish of the user, is only going to make the experience more convenient for the user.

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