Cardless ATMs may soon be coming near you

By Amanda Kabbabe, Buzz60

You may be able to kiss the days of fumbling with your ATM card farewell.

The New York Times reports that banks are planning to ditch the plastic in favor of a mobile option, which would allow you to pull out cash using just your cell phone.

So far, JPMorgan Chase is the only bank to launch the technology in select cities.

See more on credit cards:

8 PHOTOS
Best credit cards
See Gallery
Best credit cards
Best Low APR

Bottom Line

Citi's 21-month 0% intro purchase and balance transfer APR period is the longest of any card; post-intro APR is also low

Source: NextAdvisor 

BUY IT
Best Balance Transfer Card

Bottom Line

Great choice for balance transfers; Only card with $0 intro balance transfer fee, 0% intro APR on purchases & transfers for 15 months

Source: NextAdvisor

BUY IT
Best Cash Back Card

Bottom Line

6% cash back at U.S. supermarkets on up to $6K in purchases; $150 intro bonus; 0% APR on purchases and balance transfers for 12 months. Terms apply.

Source: NextAdvisor

BUY IT
Best Travel Card

Bottom Line

Terrific all-around travel card with easy rewards redemption, 50K intro bonus miles (equivalent to $500); no blackout dates or restrictions

Source: NextAdvisor

BUY IT
Best Student Card
Bottom Line

Double your cash back at end of 1st year; 14-month 0% intro APR on purchases & balance transfers.

Source: NextAdvisor

BUY IT
Best Rewards Card

Bottom Line

Double your cash back at end of 1st year; 0% intro APR on purchases for 6 months

Source: NextAdvisor

BUY IT
Best Business Card

Bottom Line

6% cash back at U.S. supermarkets on up to $6K in purchases; $150 intro bonus; 0% APR on purchases and balance transfers for 12 months. Terms apply.

Source: NextAdvisor

BUY IT
HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

Bank of America and Wells Fargo plan to follow suit later in 2017.

Chase's cardless ATM withdrawal has been met with some controversy. One customer who never opted to use the technology had nearly 3,000 dollars stolen from her account.

Chase did act quickly to reimburse the woman and the company says they put up more safeguards to protect other users from similar crimes.

Many ATMs are already equipped with what is called "near field communications," which allows most smartphones to pair a "digital wallet" with the machine. NFC is the same technology used for "Apple Pay."

The new technology removes the need for a "digital wallet" and would enable customers to withdraw cash using only the banking app.

Read Full Story

Can't get enough personal finance tips?

Sign up for Finance Report by AOL and get everything from consumer news to money tricks delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

Credit Card Compare

Credit Card Compare

Whether you're looking for great travel rewards or low annual fees, find the card that's right for you.

Compare Now