It soon won't matter if you forget your wallet before heading to the ATM, as long as you remember your smartphone.
JP Morgan Chase is rolling out nationwide a new wave of ATMs called "eATMs." The new cash machines will allow customers to withdraw money by logging into their accounts through an app instead of using their ATM or debit cards. The current ATMs will also get an upgrade, the New York Post reports.
And the changes won't stop there. The new and old ATMs will dispense customers' cash in $1, $5, $20 and $100 denominations. Chase will increase the withdrawal amount from the new and old cash machines to $3,000.
"We analyzed withdrawals occurring at our teller lines and found that 90 to 95 percent of withdrawals are under $3,000, so setting the limit there would allow the devices to serve the vast majority of our customers, said Michael Fusco, JP Morgan spokesperson.
Chase is also expected to cash-in on the move from tellers to mobile banking. Last February, the bank revealed it costs 65 cents to make a deposit with a teller; 8 cents at an ATM and just 3 cents through a mobile app.
The bank has tested the eATMs in New York since last year.