JPMorgan Chase customers will soon be able to withdraw cash using their mobile phones at the company's ATMs.
The new offering is meant to serve customers as a convenient option, "in case they do not have their debit card with them," but not become a replacement for debit cards, said Mike Fusco, a bank spokesman.
"We are investing in our entire ATM network to be able to improve convenience further and give our customers leading capabilities to bank when they want and where they want," Fusco said.
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JPMorgan Chase entered the digital wallet wars in announcing Chase Pay, a product that will launch next year. Although mobile payments have been more bark than bite so far, the company says that its product plans to use loyalty programs to lure reluctant consumers.
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While Chase is one of the largest banks to roll out such an offering, several smaller banks, including
The company expects to complete the "eATM" rollout in two phases by the end of the year. In the first wave, customers will be able to authenticate themselves by requesting an access code on the bank's mobile app and entering it at the ATM to proceed with their transactions. Later, the bank plans to allow customers to complete ATM transactions using digital mobile wallets.
Chase also raised its withdrawal limit to $3,000 during branch hours, at ATMs located inside the branch.
The company also raised the funds availability on certain checks to $1,500 and plans to introduce a check cashing service at its ATMs later this year. Next year it will launch ATM bill payment services.
