How will the wallet industry survive? Banks across the nation are gradually making it possible to withdraw money from ATMs using smartphones, something that could prove to be more secure than using a debit card. Wells Fargo is the latest bank to make the jump, bringing the new functionality to all of its 13,000 ATMs.
If you don’t want to use your phone at the ATM, no worries — your debit card will still work just fine. But, next week you’ll also have the option to use Wells Fargo’s app. Once the app is updated, it’ll be possible to ask for an eight-digit ATM code, which can be used at the ATM along with your PIN number to withdraw case.
It’s a good security move — someone getting hold of your debit card number can easily lead to identity theft, which won’t be the case with these eight-digit codes. The codes are randomly generated and single-use, so they won’t be of any use to would-be fraudsters should they be compromised.
Chase and Bank of America are also in the process of bringing this feature to their ATMs, although those two banks are doing a phased rollout instead of Wells Fargo’s all-at-once update. All of the involved acknowledge that debit cards will still be necessary if you need to access ATMs that are locked behind doors after business hours, as the debit card will need to be swiped at the door.
Via NBC Los Angeles