Get ready for the next generation of ATMs.
JPMorgan Chase is preparing a nationwide rollout later this year of thousands of new cash machines that don’t need an ATM card, will triple the withdrawal limit to $3,000 and dispense bills in $1, $5, $20 and $100 denominations.
The new ATMs, called eATMs, and upgrades to the existing cash machines will allow customers to log into their accounts with an app instead of a card with a magnetic strip, Michael Fusco, a JPMorgan spokesman, told The Post.
The move to link ATMs to mobile phones comes as payment apps like PayPal’s Venmo and Jack Dorsey’s Square have become increasingly popular ways to transfer money and split bills when cash isn’t available.
“Ultimately, banks have to continue to innovate or somebody else is going to eat their lunch,” Greg McBride, an analyst at Bankrate.com, told The Post.
Chase, run by Chief Executive Jamie Dimon, has the biggest footprint in New York, with 2,100 ATMs. The bank has been testing out the new ATMs since last year in 156 city branches.
New York-area ATMs now have a $1,000 withdrawal limit. Most of the rest of the country has a $500 daily limit.
The push toward mobile and automatic banking also has benefits for Chase’s bottom line: It costs the bank 65 cents to make a deposit with a teller — and only 8 cents at an ATM and 3 cents through a mobile app, the bank said at a presentation last February.
“We analyzed withdrawals occurring at our teller lines and found that 90 to 95 percent of withdrawals are under $3,000, so setting the limit there would allow the devices to serve the vast majority of our customers,” Fusco said.
The higher-withdrawal eATMs will be available only inside Chase branches, while eATMs and upgraded ATMs will be available throughout the Chase system.