Coffee Club: Would You Use a "Cardless ATM"?

Published 10/11 2013 10:25AM

Updated 10/11 2013 10:29AM

We've all heard of online and mobile banking, but this takes it to the next level.

Would you ever use a "cardless ATM"?

It's coming soon--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.

Financial services giant, FIS, recently announced its new cardless ATM's.

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.

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 pass-code.

Thieves would also need to know your bank account information and pin number.

The downside is, you still need a strong cell signal to withdraw money.

Would you ever use a cardless ATM?

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