CEO says all ATMs will take phone codes, not just cards

The Denver Post - - BUSINESS - By Ken Sweet

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-

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.