This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Why Is There a Person in Your ATM?

By Eric Reed

On Thursday morning Bank of America announced that it will begin putting live people on the other end of its ATM machines. Called Teller Assist, the project aims to create an all-in-one experience, offering customers the convenience of an ATM with the human interaction of a storefront.

Although users will still be able to select all of the traditional functions of an ATM, they will now also be able to videoconference with a Bank of America employee. The system will offer some of the same services found at the counter, including redeeming checks for cash and choosing various denominations for a withdrawal. Planned, but not yet implemented, features include making loan payments and splitting deposits among multiple accounts.

ATMs will still offer computerized services 24/7, and Teller Assist will operate from 7 a.m. until 10 p.m. local time during weekdays and from 8 a.m. until 5 p.m. local time on the weekends. According to Bank of America spokesperson Tara Burke, Bank of America will pilot this program with 36 machines in Boston and Atlanta over the second quarter of 2013. Plans for future markets will depend on feedback and are currently evolving.

"We've seen a growing demand for self-service banking," Burke said, explaining the drive behind this new program. She assures customers that fees will remain the same at all ATM's, including those with Teller Assist, and that the only difference will be the expanded functionality.

This technology is part of a greater industry trend toward finding a balance between digital and personal interaction and has been successful for the other banks that have pioneered it, including Coastal Federal Credit Union (CFCU), which debuted its "Personal Teller Machines" in 2008. CFCU is the first institution to got 100% video banking, according to Jim Mecca, a spokesperson for CFCU.

The Personal Teller Machines are dedicated systems, Mecca said, which means that they don't double as ATMs. Instead, they fill all the roles of a traditional teller for CFCU, and have allowed the bank to move that function completely online. Branch staff is now dedicated to complex transactions such as lending and account management, while deposits, withdrawals and checking are all handled by video conference with a teller at the credit union's headquarters.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs