CEO says all ATMs will take phone codes, not just cards
Wells Fargo plans to upgrade all 13,000 of its ATMs next week to allow customers to access their funds using their cellphones instead of traditional bank cards.
Tuesday’s announcement was made by Wells Fargo CEO Tim Sloan at an employee town hall in Orlando, Fla.
While banks such as JPMorgan Chase and Bank of America have announced similar upgrades to their ATMs, those are still being rolled out. Wells would be the first to upgrade all of its ATMs with the feature across the U.S.
To access their money, customers would get unique eightdigit codes from their Wells Fargo smartphone app, and enter the code into the ATM along with their PIN number. The machines will still accept debit cards.
“Whether a customer happens to have a card on them or not, (the upgrade) provides another simple and secure way to
withdraw cash at any of our ATMs,” said Adam Vancini, head of virtual channel operations at Wells Fargo.
One limitation of the one-time code, though, is that it won’t work on the secure doors that many branches have for non-business hours that require a customer to swipe an ATM or debit card to gain entry.
Wells Fargo said those secure doors are found at a small percentage of branches, mostly in major metropolitan areas such as New York City or Chicago.
The announcement comes as Wells Fargo is looking for ways to woo back the customers it alienated after the San Francisco-based bank admitted that employees opened as many as 2 million checking and credit card accounts for their customers without getting authori-