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All You Need to Know About: Video Teller Machines (VTMs)

MIT Federal Credit Union provides Video Teller Machines (VTMs) to offer a convenient blend of accessibility and personalized service. These VTMs combine cutting-edge technology with seamless service to meet the banking needs of our members. These innovative devices are transforming the way members interact with their financial institution, offering a seamless blend of convenience, accessibility, and personalized service. Here’s what you need to know about VTMs and how they will enhance your banking experience.
 

What are Video Teller Machines (VTMs)?

Video Teller Machines are advanced banking kiosks that combine the functionality of traditional ATMs with live video capabilities. Unlike standard ATMs, VTMs allow customers to interact face-to-face with a remote teller in real time. This enables users to perform a wide range of transactions that typically require in-branch visits, such as loan payments, check deposits, and account transfers.
 

Where to find VTMs at MIT Federal Credit Union

MIT FCU has integrated VTMs into our branches in the Cambridge area. Through VTMs, members can deposit checks, withdraw cash, transfer funds, and make loan payments—all while interacting with a live teller remotely based at MIT FCU’s headquarters.
 

Benefits of Using VTMs vs ATMs

1. Personalized Assistance: Members can receive real-time support from a live teller for complex transactions, ensuring a high level of customer service.
2. Convenience: These machines eliminate the need for members to visit a branch for most banking needs.
3. Enhanced Functionality: VTMs offer services beyond those of standard ATMs, such as receiving immediate cash back from deposits.

How Do VTMs Work?

Using a VTM is simple. Approach the machine, select "Live Teller," and then follow on-screen prompts as the teller guides you through your transaction. This video conference call will enable face-to-face interaction with a team member.

During staffed hours, VTMs provide full-service capabilities with live teller assistance. Outside these hours, they function like regular ATMs for basic transactions such as cash withdrawals and deposits.
 

The Broader Impact of VTMs

VTMs are part of a global trend in banking innovation aimed at enhancing customer convenience while reducing operational costs. Financial institutions worldwide have successfully implemented this technology to meet customer needs in underserved areas and expand their service reach. 

The introduction of Video Teller Machines by MIT Federal Credit Union marks a significant step forward in modernizing banking services for our members. By adopting VTMs, MIT FCU demonstrates its promise to continuously strive for innovation and a seamless digital experience for members.

 

Visit a VTM at MIT Federal Credit Union

Whether you're depositing a check or making a loan payment, these machines provide an efficient, secure, and personalized alternative to traditional banking methods. Visit our locations today to experience this innovative technology firsthand!

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