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ATM’s to Dispense Exact Dollar Amounts

January 19, 2013

By Paul Thomson :: 8:23 AM

ATM Smaller Denominations$20 bills have long been the standard currency distributed by Automatic Teller Machines (ATMs) across the United States. But, if a new experiment by Chase and PNC banks takes hold, customers may soon be able to withdraw an exact dollar amount from the machines.

Hundreds of new ATM machines are rolling out across the U.S. that enable banking customers to withdraw denominations as low as $1 or $5 from accounts. Expectations show that the number of newly programmed ATMs may double by the end of 2013.

Banks participating in the trial have noted that their customers often do not want to take out $40, but need an amount more than $20 and these new withdrawal amounts should help customers get a denomination closer to the amount they want.

“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, told CBS news during an interview.

Market research reports also hint at the development of ATMs that will dispense coins, but as of yet, no U.S. banks are testing coin-dispensing ATMs.