Some banks are installing ATMs that can handle transactions normally requiring a teller, such as cashing a check to the penny or withdrawing as much as $1,000 in any denominations, even as small as $1, the Chicago Tribune reported Friday.
"Our goal is to drive more transactions from the teller window to the computer screen or the ATM," William Demchak, PNC Financial Services Group Inc. president, said at a bank conference Nov. 13.
The degree to which PNC Bank can encourage customers to use such channels "represents significant potential cost reductions," he said.
Chase, which has installed its first "self-service banking kiosks" in Chicago, said customers appreciate the alternative to waiting in teller lines.
Most branches will eventually get the upgraded ATMs, which are similar to self-service supermarket checkouts or airline check-ins, Chase said.