ATM's to dispense $1 and $5 bills

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Chase and PNC have launched new Automated Teller Machines that will dispense the exact change people need, down to the dollar CNN Monday reported Thursday.

Over the past 18 months 350 to 400 of these new ATM's have been distributed around the country, and the amount is expected to double by the end of the year.

One of the new ATM's novelties, is the "custom denomination" feature, which allows customers to chose how many bills they want from a given denomination raging from $1 to $100. The machines even have the capability of dispensing coins.

This generation of "new teller platforms" looks to create a virtual teller experience that will help banking institutions to cut back on staff while increasing efficiency for customers, Bill Sheley the head of Chase's branch innovation team said.

PNC has already upgraded more than half its ATM's to dispense $1 and $5 bills and they expect to upgrade the rest before the end of the year.

The benefit will come in very handy for people with a low account balance, who want to make a withdraw lower than $20, Greg McBride, senior financial analyst at Bankrate.com said.

"Particularly in difficult financial times when peoples' account balances have been lower, not having to withdraw more money than you really need is helpful," he said.