Bank of America to Take Plastic Out of ATM Transactions

By eliminating plastic from ATM transactions, the bank says it will save on security and attract Millennials.

January 28, 2016

NEW YORK – Bank of America is looking to take the plastic card out of the ATM transaction, reports CNBC.

According to the news source, BofA is developing ATMs that allow customers to withdraw cash by using their smartphones instead of plastic cards. "We're going to spend a lot of money on the ATM network this year," an unnamed source told CNBC. The bank also anticipates that the cardless ATM move will appeal to Millennials.

The news source adds that JPMorgan Chase is pursuing a similar initiative that utilizes near-field wireless communication technology to allow customers to access cash through a code provided to them via smartphone. Other banks to pilot cardless ATMs include Massachusetts-based Avidia Bank and Salem Five Bancorp.

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