PNC Bank upgrades ATMs to dispense $1 and $5 bills
Published: Monday, March 11, 2013
Updated: Monday, April 22, 2013 21:04
Students on campus can withdraw bills in increments of $1 and $5 from ATMs for the first time. The university was the first place in Delaware where PNC Bank, the sole operator of the machines on campus, tested the new feature, according to manager at the PNC Bank in Trabant Nicole Berger.
PNC has already upgraded more than half of the 7,200 ATMs in the past year, Berger said. PNC currently expects to have all ATMs upgraded by the end of June.
Kristine Haner, the PNC Regional Manager in Delaware, said the bank’s motive for installing the new ATMs was to make withdrawals more convenient for customers. She said customers requested the changes and the bank delivered.
“It’s a benefit to customers to be able to withdraw cash to the dollar, especially for customers with low balances who don’t want to take out more than they need,” Haner
Some of the new ATMs include a DepositEasy function which allows customers to make deposits without an envelope, Berger said.
“The ATMs also have the capacity to deposit up to 30 bills or checks at once, rather than inserting one check at a time,” Berger said.
Senior Chloe Marine said she thinks the new ATMs are a good idea, especially for those who do not want to take out a large sum of money all at once when they don’t need it.
“I’ve been in situations where I need to make change for $10 or $20 and have thought how useful it would be to get $5 out of the ATM,” Marine said. “I think one reason students might take smaller amounts out would be to pay for cheaper things, like a cup of coffee, without having to deal with change or paying with a card.”
Marine said she does not see any drawbacks other than a service change for people who do not bank at PNC. Paying the service fee at all is annoying, she said, but would be especially so for withdrawals of small amounts.
The service charge at the university PNC ATMs is $2.50 for those who bank elsewhere.
Sophomore Jason Hewett, a teller at WSFS Bank, said students will probably take advantage of the new ATMs because they will think they are spending less money.
He said he thinks students will use the feature to take out a few dollars for something to eat or when in a hurry. Although Hewett understands why students would be attracted to the ATMs, he said people don’t remember there is a service fee each time they withdraw cash.
“People think they are taking out less money by using these machines, but in reality it will lead to students taking more out and being forced to pay a service fee every time if it is not their bank,” Hewett said. “From a business standpoint, the new ATMs are a great idea.”
He also said, from his experience as a bank teller, the $1 and $5 bills are always in the worst condition. In order for ATMs to dispense bills they need to be in good condition, which is not always the case with $1 and $5 bills. This could cause jams in the machines, and thus require more maintenance.
Hewett said, despite the apparent convenience of ATMs in general, it is just as easy for customers to go into the bank and withdraw their money. He said tellers are able to give cash in any denomination without a service fee.
“Tellers are also able to answer your questions regarding your finances,” Hewett said. “There is no charge to go to the teller line and they are also able to provide you with rolls of coins instead of just bills.”