A new report by CNN today confirmed that at least 350 ATMs in the U.S. are capable of giving as low as $1 to customers.
Chase claims they have "around 350 to 400" such ATMs currently available all-over the country, and that count is expected to double by 2014. Customers can type in the withdrawal amount, choose "custom denominations" and select how many bills that want.
Denominations range from $1 to $100, the lowest amount ever offered. Machines are also designed to dispense coins according to CNN.
The decision to change their ATM machines was decided so that tellers don't require additional staffing and to increase "efficiency for customers" according to Bill Sheley, the head of branch innovation. Sheley stated that the next generation ATMs could be the new teller platforms in the future.
Chase ATMs will also allow customers to pay credit card bills and load Chase prepaid cards with cash.
Likewise, PNC has improved over 7,200 of their ATMs so that they can dispense as low as $1 or $5 bills. The remaining ATM machines will be upgraded by this coming spring according to CNN.
PNC stated that they're hoping the new ATM machines will make going to the bank easier for their customers. Customers will also be able to take out exact change, making things a lot easier compared to how things were done in the past when a person would have to take out $40 if they wanted $25 or $30 for example.
"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 Greg McBride, a senior financial analyst at Bankrate.com.
ATMs will remain free to customers, but if you don't belong to the particular bank, then expect to pay around $1 to $3 when taking money out.
TD claims to have a small number of ATMs that dispense lower than $20 bills, and doesn't have plans to introduce lower denominations according to CNN. Bank of America said their ATMs currently dispense $10 bills, and that they're always looking for new ways to make the bank more "convenient."
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