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You won’t need a card to access these ATMs

By Claes Bell ·
Wednesday, January 27, 2016
Posted: 9 am ET
Chris Hondros/Getty Images News/Getty Images

Chris Hondros/Getty Images News/Getty Images

Later this year, Chase will debut a new type of ATM that will, among other things, allow users to access their cash without an ATM card. Instead, users will be able to enter a security code obtained through their mobile banking app to withdraw cash and perform other ATM functions.

Besides convenience, being able to go cardless at the ATM would appear to have another advantage: There will be no opportunity for criminals to grab your checking account details with a skimming device.

The upgraded machines will eventually allow customers to:

  • Withdraw up to $3,000 during business hours.
  • Withdraw cash in multiple denominations.
  • Pay their mortgages and credit card bills.
  • Cash checks.
  • Use their mobile wallets to complete ATM transactions.

Human tellers beware

While Chase customers may be happy about the upgrades, Chase tellers may not be.

Already, the bank's ATMs can perform about 60% of the transaction types a human teller can, according to Chase, and that number is likely to grow.

It's easy to understand why Chase is looking to serve more customers through ATMs and mobile apps. According to a 2015 New York Post report, it costs the bank 65 cents to take a deposit through a teller, but only 8 cents through an ATM and 3 cents through a mobile app.

Those types of economics are hard to ignore. An analysis of FDIC data shows that between 2014 and 2015, the number of Chase branches nationwide fell by 134. And last year, the company made plans to lay off 5,000 workers, many of them tellers, according to a Wall Street Journal report.

Still, customers may not be ready to give human customer service up. Just last month, a Bankrate national poll found that 45% of Americans had visited a bank branch within the last 30 days.

What do you think? Are you ready to give up human tellers?

Follow me on Twitter: @claesbell.

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February 01, 2016 at 11:22 am

This is all part of the overall plan to eventually become a cashless society and give the Govt. and the Banksters the power to turn off your money with just a keystroke. Money will just be numbers on a screen. We operate with fiat currency as it is with banks leveraged more than forty to one.They manipulate the numbers already , wait until society is cashless.

February 01, 2016 at 10:37 am

what if you dont have cell phone the new atm will be worthless to me

dr. james willingham
February 01, 2016 at 9:11 am

What happens to the tellers? As more and more jobs become automated, computerized or handled by robotics, more and more people will be unemployed. With no jobs who will make deposits in banks? We are coming to a time of a cashless, unemployable society, and no one is trying to answer to answer the question about the unemployed. The frontier of space is the only answer. Given that we do have faster than light travel, it seems likely that the excess of population can find employment as settlers on new planets.