By  Tue Jan 22, 2013

ATMs Offer Smaller Bills for Withdrawal: 5 Things to Know for the Week

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Sometimes you need exact change. Sometimes you don’t want to withdraw more money than you need. These are the woes of the consumer who cannot stand the fact that the ATM only doles out $20 bills. Two of the biggest banks in the country are trying to change that.

  • HSBC joined the list of banks that have agreed to a settlement over alleged foreclosure abuses. Under the bank’s deal with federal regulators, $96 million will be paid back to affected borrowers while another $153 million will go to other forms of relief, such as loan modifications and forgiveness of deficiency judgments.
  • Early-bird tax filers should be reminded that the IRS has pushed back the start date for accepting tax returns from this Tuesday to next Tuesday, Jan. 30. The tax-return acceptance date was delayed due to changes to the tax code, which were introduced to the fiscal-cliff budget deal.
  • PayPal will introduce undisclosed changes to its fraud policy to prevent legitimate individuals and businesses from being caught by strict fraud filters. Typically, under these circumstances, customers have their accounts frozen — and it becomes an arduous process to unlock them. These upcoming changes could save a few headaches.
  • Chase and PNC Bank have begun to offer lower bill denominations for ATM withdrawals. Most ATMs spit out $10 or $20 bills but some Chase and PNC ATMs are coughing up bills as small as $1, which may be a convenience to those need money for the vending machine. Let’s hope all ATMs start to offer smaller bills.
  • A small Iowa-based bank, Bridge Community Bank, has adopted and launched an identification system that incorporates a digital identity — created with personal information, fingerprinting and facial recognition. If more bank use this system, fewer bank customers will need to jump through hoops to prove that they are who they claim to be.
 

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