Wells Fargo to open up iPhone-based ATM withdrawals next week, no Apple Pay yet

Instead people will have to use the Wells Fargo app to request a one-time, eight-digit code, which must be combined with a PIN, Reuters said. While not necessarily more efficient, the method will mean being able to withdraw cash without a debit card.

In theory it may also improve security, since customers won't risk encountering a card skimmer. State-of-the-art skimmers are difficult to spot and can steal data from a number of cards before banks and customers catch on.

CBS noted that phone-based withdrawals should become simpler later in 2017, when an update will eliminate the need for a code and only ask that people hold their phone up to a reader.

It's likely that Wells Fargo will eventually add ATM support for Apple Pay, given that it already supports the platform for payments and one of its main rivals — Bank of America — has been offering Apple Pay withdrawals since June 2016.

To date Bank of America's compatibility is still limited to "select" locations, which could give Wells Fargo a chance to catch up.