You Will Soon Be Able to Use Your Phone to Withdraw Money from ATMs

Banking is about to get even easier. Later this year, JPMorgan Chase will start rolling out new ATMs at branches throughout the country that will give customers the option to withdraw money using their smartphones instead of a traditional bank card.

The first wave of these machines will allow customers to enter a code into their Chase apps on their phones in order to access the machine. Future iterations will allow customers to simply tap their iOS or Android devices to the new eATM via near-field communication (NFC), just as you currently can at many checkout counters using Apple Pay, Samsung Pay, or similar features.

These new high-tech ATMs will also dispense bills in your selection of $1, $5, $20, and $100 denominations, and will have a higher withdrawal limit of $3000. Chase quick cash machines located outside of bank branches will also be upgraded with the smartphone technology, but will remain at today's lower withdrawal limits ($1000 in New York City and $500 most everywhere else). 

The new eATMs are part of JPMorgan Chase’s wider effort to integrate mobile and digital banking with their physical branches. The new cash machines will eventually include more banking options, such as cashing checks and paying Chase credit card bills and mortgages.

[h/t New York Post]