Could People Replace ATMs?

What's Hot

23 Upgrades Under $50 to Make Your House Look AwesomeAround The House

Trump Worth $10 Billion Less Than If He’d Simply Invested in Index FundsBusiness

Do This or Your iPhone Bill May SkyrocketSave

19 Moves That Will Help You Retire Early and in StyleFamily

11 Places in the World Where You Can Afford to Retire in StyleMore

What You Need to Know for 2017 Obamacare EnrollmentFamily

The 35 Two-Year Colleges That Produce the Highest EarnersCollege

5 DIY Ways to Make Your Car Smell GreatCars

8 Things Rich People Buy That Make Them Look DumbAround The House

50 Ways to Make a Fast $50 (or Lots More)Grow

32 of the Highest-Paid American SpeakersMake

Amazon Prime No Longer Pledges Free 2-Day Shipping on All ItemsMore

5 Reasons a Roth IRA Should Be Part of Your Retirement PlanGrow

More Caffeine Means Less Dementia for WomenFamily

7 Household Hacks That Save You CashAround The House

30 Awesome Things to Do in RetirementCollege

Beware These 10 Retail Sales Tricks That Get You to Spend MoreMore

A new technology could supersede both in-person service and ATMs within the next year. Is this the future of banking?

Giving up ATMs sounds like a step backward, but what if we upgraded them to ITMs — interactive teller machines?

Banking tech company NCR has developed video-equipped teller machines, NBC News says, and already has 350 in service. Raleigh, N.C.-based Coastal Federal Credit Union is an early adopter and has moved its teller jobs off-site. Now all 15 of its branches have only these machines, which are remotely operated by the tellers. Here are some of the benefits:

  • The machines operate as regular ATMs, including during “closed” hours, unless customers request live service.
  • ITMs can cash checks and provide the denominations you want, instead of all twenties.
  • They’re faster than counter service, because the machine does all the counting.
  • ITM deposits clear more quickly because tellers can verify them in real time.
  • They allow for longer hours. CFCU now operates 12 hours a day, seven days a week.
  • They reduce robberies.

Bank of America is testing machines with on-screen tellers in Boston and Atlanta, and plans to add many more through 2014. They could see widespread use within a year at a variety of banks, NCR vice president Brian Bailey told NBC News.

What do you think of ITMs? Would you rather talk to someone in person, or have quicker transactions and longer hours? Do you think teller jobs will eventually be outsourced like many customer service lines? Share your opinion on our Facebook page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: 19 Cheap or Free Ways to Cut Your Winter Energy Bills

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,741 more deals!