Technology: Is It Possible To Get Cash From An ATM Without A Debit Card?

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Jun 27, 2015
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Question of the Day, Checking Accounts, Debit Cards, New Products

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Answer:  If you are a customer of a Philadelphia-based bank, you might be able to…

From Philadelphia Business Journal:

A local bank unveiled ATMs this week that no longer require a debit or ATM card or PINs for access.
The product comes from WSFS Bank, subsidiary of WSFS Financial Corp., the $4.9 billion-asset bank based in Wilmington, Del. WSFS Mobile Cash is a new feature on the bank’s mobile banking app that lets you get cash from any of its branch ATMs with a smart phone QR code.

Here’s how it works. When visiting a branch’s ATM, the customer presses a button that says “Mobile Cash” and a QR code is presented on the ATM’s screen. After signing in with a passcode or touch identification, the customer taps “Mobile Cash” within the app, scans the QR code, selects the desired amount of money and submits it before the cash dispenses.

What about security?

1. Customers don’t have to provide personal information such as a card or PIN number, which is stored in the app or on the smart phone.

2. It can only be used on a smart phone the customer has registered for WSFS mobile banking.

3. The ATM withdrawal transaction token displayed as a QR Code on the ATM is a multicharacter alphanumeric value, unique for that user and ATM terminal. Those tokens have zero monetary value or meaning outside of the WSFS Mobile app. The entire ATM withdrawal is represented by tokens throughout the entire process, with each transaction having its own randomly generated unique token that will never be used again. WSFS said QR codes expire after 45 seconds and do not contain any personal information.

4. If a phone is lost or stolen, the app is protected by the same login authentication security used for mobile banking.

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Check out this NGPF Lesson on Online and Mobile Banking

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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