Need six bucks? Most ATMs only hand out 20 dollar bills, but $1 and $5 ATMs are starting to roll out around the country.
According to WTVR, PNC and Chase have already launched hundreds of ATMs that are capable of dispensing denominations as low as a $1. Customers can take their withdrawal in all singles if they’d like by choosing the “custom denominations” option.
Chase, which has close to 400 $1 and $5 ATMs, said that the new machine acts like an automated teller. In addition to allowing customers the ability to get singles, five, and ten dollar bills, the new machine will also make it easier to pay credit card bills or to get prepaid Chase cards.
PNC has embraced the new technology and has upgraded more than 7000 of its machines.
Greg McBride, senior financial analyst at Bankrate.com, said:
“Particularly in difficult financial times when peoples’ account balances have been lower, not having to withdraw more money than you really need is helpful.”
Like most ATMs, the new machines will carry a fee for people who are not a member of the bank. CNN Money notes that Chase and PNC are hoping, however, the non-bank members will still use their ATMs in order to get the exact amount of money they need.
For instance, if someone needed $47 but only had $50 left in their account they would probably get charged an overdraft fee by taking out a full $60. The Chase and PNC ATMs would charge a service fee but the customer would still be able to avoid an overdraft fee.
What do you think about the $1 and $5 ATMs? Do you think they’ll catch on at other banks?