The new personal teller machines at the $1.9 billion Coastal Federal Credit Union have now transacted more than a million sessions, the Raleigh, N.C., credit union said.
The machines, from uGenius Technology of Sandy, Utah, allow the member to conduct business with a teller at a remote location through a video conferencing connection with the credit union’s call center. Virtually any kind of transaction can be handled, the company said, including cash and check deposits, check cashing, transfers and payments.
Coastal launched the system less than two years ago. The one-millionth session was for $75 and conducted by Randy Lamm of Cary, N.C., the company and credit union said. Lamm said he frequently uses the PTMs.
"It threw me for a loop at first, but once I tried it, I never had a problem. It’s very convenient, and I’m usually in and out in no time," he said.
Chuck Purvis, Coastal’s executive vice president, said, "This technology has allowed Coastal to move forward with key strategic goals to serve our marketplace better through new branch deployments and design, and in establishing a centralized teller center."
UGenius Technology said more than 100 of the machines have been deployed in the United States, Canada and Australia.
"Coastal Federal Credit Union was the first financial institution to join us in developing a new way of banking that fits the service needs of today’s busy consumer and the industry that serves them," said Gene Pranger, creator of the company’s video banking system.
The company said another of its customers, the $700 million Mid-Hudson Valley FCU in Kingston, N.Y., was the first to use the PTMs to provide 24/7 access to live tellers.