SNL's First CityWide Change Bank could be in for some stiff competition. Real-world banks Chase and PNC have been rolling out new ATMs capable of dispensing $1 and $5 bills, and Chase, at least, will soon pilot coin dispensers with the machins prior to rolling them out nationwide, as well.
So far, Chase has upgraded its fleet with 350–400 multi-denomination dispensing ATMs, while half of the PNC fleet of 7200-ATMs now boasts the feature, said a report by CNN Money. Both FIs expect to double their numbers this year; PNC expects to have multi-denomination capability system-wide the end of summer.
The upgraded machines serve the dual mission of creating greater convenience for the customer and providing cost-savings for the bank, as these teller transactions shift to the ATM.
The new capability comes with its own costs, though, and will have to prove its worth before other banks consider such an upgrade, Greg McBride, senior financial analyst at Bankrate.com, told CNN. So far no other major bank has announced plans to convert their fleets to multi-denomination ATMs, the report said.
For more on this topic, visit the installation/deployment research center.