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New Chase and PNC ATMs Dispense $1 and $5 Bills

From CNN Money:

Hundreds of new ATMs capable of dispensing as little as $1 are popping up across the country. Chase and PNC have both been launching ATMs that churn out exact change to the dollar, allowing customers to withdraw denominations as low as $1 and $5.

Chase has rolled out between 350 and 400 such ATMs over the past 18 months, and the count is expected to double by the end of the year. Customers can type in the withdrawal amount, opt for "custom denominations" and select how many bills they want in denominations ranging from $1 to $100.

The new machines, located within branches or drive-thrus, even have the capability of dispensing coins, a service that will be piloted soon and eventually rolled out nationwide.

The move is part of Chase's push to create what are essentially virtual tellers that don't require additional staffing and increase efficiency for customers, said Bill Sheley, head of branch innovation. He calls the machines "next generation ATMs or new teller platforms." Other services the ATMs provide include paying credit card bills and loading Chase prepaid cards with cash.

As financial institutions continue to invest in and deploy new channel capabilities, the lines between branch-based and self-service capabilities continue to blur. By offering small-denomination notes and coins (along with image and remote deposits in ATMs and mobile banking), customers may choose to completely forego branch visits for routine transactions, saving their branch visits for higher-level conversations about savings and available financial products.

Click here to read more from CNN Money.

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