NO CARD NEEDED Use your smartphone to access ATMs

Posted on 01/28/2016

It’s hard to remember back to the days when one wasn’t able to access cash from automated teller machines by using a card. But soon, you may not need one anymore. JPMorgan Chase says it will start rolling out ATMs that can let you withdraw cash or do other transactions on a smartphone.

JPMorgan Chase said it is upgrading its ATMs this year to include several new perks. The initial phase will let customers withdraw cash from a Chase ATM using a one-time pin number that will be sent to their smartphones. In the second phase, customers will be able to withdraw cash simply by tapping their phones to the ATM, using the same technology that enables Apple Pay and other payment apps. "This is not replacing debit cards, just giving customers another convenient option if they do not have their debit card with them," spokesman Michael Fusco said in a statement. The ATM upgrades will also include: • 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. The changes comes as Chase's monthly ATM transactions outpace the number of teller transactions in its branches, and as JPMorgan has been cutting costs, including staff, to boost profits. JPMorgan has ATMs at more than 1,500 branches. The bank’s aim is to increase the number of teller transactions processed by ATMs to 90% from the current rate of 60% by the end of 2016.