When Wells Fargo customers open up their profile at one of the bank's automated teller machines this week, they'll find a new option.
The bank has introduced a feature allowing customers to access reward points at the company's 12,500 ATMs, converting them into cash in hand. The machines will spit out $20 for each 2,000 points customers want to cash in, in an attempt to provide tangible benefits for loyalty.
Alicia Moore, head of Wells Fargo ATM Banking, said the feature had been in the works for about five years while other updates (envelope-less check deposits, for example) took priority.
Banks like Wells Fargo have been carefully tweaking the retail banking experience to make them smarter and keep account holders happy. Where ATMs are concerned, Moore says the bank must make at least one change to the interface each year "just to keep activity on par."