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Developing: Using Your Smartphone to Withdraw Cash

It's coming soon -- the cardless ATM. So leave the debit card at home. All you'll need is an app on your mobile phone to order up a stack of Benjamins.
It's coming soon -- the cardless ATM.  So leave the debit card at home. All you'll need is an app on your mobile phone to order up a stack of Benjamins.

Leave the debit card at home, because all you need now is your phone. Financial services giant FIS recently announced its new cardless ATMs.

Using an app on your phone, you select how much money to withdraw.
Then, when you're at the ATM, use the app to scan a code on the ATM screen, and money comes out.

Money can be ordered 24 hours in advance, or while standing in line. 

Three small banks are testing it out.  Wintrust and BMO Harris offer it in Chicago, and City National Bank will have it in New York City, San Francisco, and Los Angeles early next year.
It's a way for banks to attract more tech-savvy younger customers.

But safety is a concern - especially with iPhones frequently targeted by thieves.
Developers of cardless ATMs say if someone steals your phone, they can't just open the app, they have to enter a passcode.

Thieves would also need to know your bank account information and PIN number.
Another benefit...using a phone prevents skimming -when thieves set up cameras on ATMs to get your debit card number.

The downside is, you still need a strong cell signal to withdraw money.
But it's still in the testing phase.


(Allison Kosik, CNN)

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