Chase to Offer ATM Withdrawal by Smartphone

ChaseChase will introduce ATMs by the end of the year
where customers can withdraw cash using their smartphones as well as
debit cards.

For Chase?s cardless ATMs, customers will tap their
smartphone onto the ATM, use a fingerprint and type a PIN onto the ATM
pad, according to a Chase video. Or customers can request an access code
through the Chase mobile app, enter it at the ATM, then enter their PIN
for the transactions.

?We?re doing this because the way our customers bank
is changing ? using their phones, online and ATMs more than going to
tellers for routine transactions,? Chase said in a statement. It says
ATM transactions now exceed teller transactions. Chase said its ATMs,
including the new ones, can perform about 60 percent of the transactions
that customers can handle at the teller window.

Most Chase ATMs will get the new software enabling the cardless transactions, spokeswoman Christine Holevas said.

BMO Harris Bank, which in March 2015 announced
cardless technology would be installed at 750 ATMs has said the
transaction takes about 15 seconds, compared with about 45 seconds for a
traditional ATM withdrawal.

?It?s going well, customers really like it, it?s very
convenient, it?s secure, and it speeds up time spent at the ATM,? BMO
Harris spokesman Patrick O?Herlihy said Tuesday.

The number of BMO Harris ATMs with what the bank
calls ?mobile cash? capability has risen to 900. ?Usage is increasing
significantly month over month,? O?Herlihy said.

Chase said it has also raised the funds availability on Chase checks deposited at its ATMs to $1,500.

(Source: TNS)