NEW YORK (Learnvest) — Raise your hand if you’ve been known to buy a pack of gum just to break a $20. We’ve all done it, primarily because grabbing cash at the ATM leaves us with a handful of $20 bills (and sometimes even $50 bills).
To the relief of corner-store clerks everywhere, it looks like this is going to change.
CNN Money reports that Chase and PNC banks have launched ATMs that dispense $1 and $5 bills. Chase has put somewhere between 350 and 400 such machines in place over the past 18 months, and that number is expected to double by the end of 2013. PNC has upgraded more than 3,500 of its ATMs to dispense the smaller bills and intends to upgrade the rest of its 7,200 machines over the summer.
The changes, according to the banks, are meant to move away from the traditional teller model so transactions can be streamlined and customers can get what they need from ATMs.
Of course, the machines are only advantageous if you’re a Chase or PNC customer. Otherwise, standard out-of-network fees will apply (for Chase, that’s $3, and for PNC, it’s $2.50.) If you belong to another bank, it might just be cheaper to buy that pack of gum.
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