Credit unions and banks offer different types of technologies to help with financial transactions. ITMs and ATMs are both ways to help people with their banking. Let’s go over what they do and how they can help you.
What is an ATM?
You are probably familiar with ATMs. The name ATM stands for automated teller machine. It’s a piece of technology that can help with basic banking functions, like check deposits or cash withdrawals.
What is an ITM?
ITMs are newer to the financial industry than ATMs. ITM stands for interactive teller machine. ITMs have video screens that let you interact with tellers in a video chat. This lets you perform a wider variety of banking functions, just like you would if you were standing in front of a teller.
ITM vs. ATM: What Does Each Do?
While ATMs perform pretty consistent functions across the board, ITM functionality might vary across different financial institutions. One thing that is consistent is that ITMs offer services that ATMs do not.
An easy way to remember it is that ITMs are just a new way to interact with a teller. You talk to a real teller, through a video chat. So the ITM can do many of the same tasks that any teller could do.
An ATM is more transactional. You can view your accounts, take out money or deposit money or checks.
The chart below shows some of the transactions you might be able to do at a typical ATM or ITM. Please keep in mind that the transactions may vary depending on the specific credit union or bank.
Even if an ATM or ITM can perform a transaction, keep in mind that is related to the accounts you have at a specific financial institution. So even if an ITM has the ability to make a loan payment, it would only work for loans that are from that specific credit union or bank.
Want to learn more about Suncoast ITMs? Check out our blog post for details about what our ITMs can do.