Wells Fargo rolls out card-free access at all ATMs

Left your wallet at home? You may still be able to grab some cash.

Starting on Monday, Wells Fargo became the first major U.S. bank to offer a card-free option at all its ATMs. The bank's customers will be able to use their smartphones to access any of the bank's 13,000 ATMs.

Other major U.S. banks have rolled out card-free ATMs in limited locations.

Here's how it works: Customers must download and log into the Wells Fargo app on their smartphones and request an eight-digit code, which they can type into an ATM instead of inserting a debit card.

Next, they enter their PIN, just as they would if they were using their cards.

Wells Fargo is offering the cardless option at a time when consumers increasingly are comfortable with using their phones to check their balances, deposit checks and transfer cash, said Jonathan Velline, head of branch and ATM banking for Wells Fargo. Using the phone to tap into an ATM is a logical next step, he said.

And the card-free option can be more secure than using a debit card, Velline said, because it reduces the chance that fraudsters can steal and copy the numbers on your debit card. The smartphone app generates a unique code that expires within 30 minutes.

Plus, consumers using the app have to prove their identity on their smartphones - either by providing their thumb print or by typing in their online banking password - in addition to entering their PIN numbers. (With your physical debit card, you only need to provide the PIN code.)

Consumers can expect to see more cardless ATMs over the next couple years. JPMorgan Chase is testing the technology at some locations, while Bank of America has introduced a card-free option at about half its ATMs.