ATMs dispensing $20 bills has been the norm as long as cash machines have been available. Now, some banks are introducing new machines that will allow customers to withdraw smaller denominations.
Customers who want to take out money at an ATM, but don't want to do it in $20 amounts are in luck. W*USA News 9 reported the $20 minimum is becoming a thing of the past.
Reportedly, hundreds of new ATM machines are cropping up across the U.S. that enable customers to withdraw denominations as low as $1 or $5 from their accounts. According to CNN Money, some banks have already unveiled machines that allow customers to take out exact dollar amounts.
CNN Money reported that Chase and PNC have both been rolling out the new ATMs over the past year-and-a-half, with expectations the number of these newly designed ATMs will double by the end of 2013.
The banks noted that people often do not want to take out $40, but need more than $20 and this is how they believe they can offer better services to customers.
According to CBS News, some customers definitely agree.
“I always make $1 purchases all the time, like drinks. So, it kind of works out. I don’t ever overdraw my account. I know what I get. I’m actually kind of excited about it,” Tiffany Kowalecki, a PNC customer, said.
“I really don’t want to get $30, but I want more than $20 so I’ll get $25,” Mary Dabat told CBS.
Customers do not have to pay extra for use of the new ATMs and non-customers can use them for standard ATM fees they'd normally pay.
"When peoples' account balances have been lower, not having to withdraw more money than you really need is helpful," said Greg McBride, Senior Financial Analyst at Bankrate.com, noting these machines are "particularly good", especially in rough economic times (CNN Money).
Eventually, there are reportedly plans in the works on enabling its ATMs with the ability to dispense coins as well, but this has not yet been consumer tested.
No word on what any other banks are planning to do, if anything, with their ATMs, however, if this is a success, chances are a new standard will emerge for ATMs.