Starting this week, Wells Fargo customers who use the FI's mobile banking app on their smartphone will be able to access cash without their bankcard at any of the FI's 13,000 ATMs nationwide.
Company CEO Tim Sloan made the announcement this morning during an employee town hall meeting in Orlando Florida, according to a report
in the LA Times.
With its activation of the cardless feature, Wells Fargo will become the first U.S. bank to offer such a solution network-wide, the report said.
To get cash without a card, customers place an ATM withdrawal request through the Wells Fargo banking app on their smartphone.
The system responds with an eight-digit single-use code, which the user enters, along with his or her four-digit PIN, at a Wells Fargo ATM.
In addition to the one-time code solution, the bank is also implementing a cardless cash solution that lets mobile banking customers with an NFC-enabled smartphone initiate a transaction simply by tapping their device against a reader on the machine.
The NFC rollout will be completed later this year, the report said.