$1 and $5 ATMs by Chase and PNC banks being rolled out, new ATM dispensing lower bills

By on Jan 18, 2013 in Banking, Business, Finance, United States Comments

New $1 and $5 ATMs are now being rolled out in the US, which will allow customers to choose other than the usual bills they withdraw. Chase Bank and PNC Bank, which are being ranked the fourth and eighth largest banks in Central Florida, respectively, are the banks that operate these new machines.

As noted at CNN Money on Thursday, January 17, 2013, both banks have already launched the $1 and $5 ATMs in some areas, where users can also select the quantity of each of the denomination bills they are withdrawing, via a “custom denominations” option.

Customer withdrawing from ATM

Customer withdrawing from ATM
Image Credit: ABC video

According to the report, the new machines, which are located within branches or drive-thrus of Chase and PNC, can also dispense coins, allowing withdrawals of exact change to the dollar, which will be more convenient for the customers of these two banks.

“Particularly in difficult financial times when peoples’ account balances have been lower, not having to withdraw more money than you really need is helpful,” Greg McBride, senior financial analyst at Bankrate.com, told CNN Money, adding that the service will be an advantage to customers with lower account balances.

For Chase Bank, it introduced between 350 and 400 of these $1 and $5 ATMs over the past year and a half, and the number of these kinds of machines is being expected to double by the end of this year. For PNC Bank, more than half of their 7,200 ATMs were upgraded and more are being expected soon.

As of this writing, the Chase Bank and PNC Bank are the only banks with these features. Wells Fargo, Citibank, and Bank of America do not have $1 and $5 ATMs, and there were no reports if they have plans to do the same. For TD Bank, some of their ATMs have the capability of dispensing $5 bills.



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