More Members Using 7-Eleven® Vcom® Shared Branching Locations
May 13, 2009
The 2,200 7-Eleven shared branching locations continue to gain popularity
San Dimas, Calif. – Officials at Financial Service Centers Cooperative, Inc, the country's largest and most convenient shared branching network, report usage of the 7-Eleven Vcoms for shared branching transactions are exceeding projections significantly in 2009. The Network reports usage is up 43 percent from just under a year ago and that transaction surges are running as high as 9 percent week over week since December 2008.
FSCC officials point out several reasons for the growth. "24/7 access is obviously a big reason," says Bonnie Kramer, EVP at FSCC. "Our biggest days are Fridays and Saturdays, with Sundays not far behind. Members need access to their accounts when it is convenient for them and that does not always coincide with typical financial institution hours."
FSCC Network officials also report that in several states hit hard by the recession, credit unions are closing down branches and directing members to the 7-Eleven Vcoms. "These units have become a real safety net for credit unions," adds Ms. Kramer. "Certainly traditional shared branching is a big help, but with so many affected members, we couldn't keep up if it weren't for the Vcoms."
Other factors include the ease of use and affordability. According to Carol Corey, Branch Manager for Point Loma Credit Union, "My granddaughter who is a college student loves to go to 7-Eleven to access her credit union account and it's nice as she does not incur a fee anymore. It is a big savings for a starving student."
The fact that the Vcoms allow members to make deposits to all their accounts as well as loan payments, loan advances, withdrawals, transfers, and more means the member can perform almost any transaction he/she could at a regular branch.
"Our credit union members love using the service. It is wonderful as it helps maintain our membership from going to our competition. And the fact that they are available 24/7 to those away from their homes and credit unions gives credit unions an advantage over banks." adds Ms. Corey.
FSCC deployed shared branching services on Vcom Units in 2007. These access points feature 24/7 convenience and surcharge-free options for members nationwide.
About Financial Service Centers Cooperative, Inc. (FSCC)
FSCC is an owner of CU Service Centers® and the nation's largest and most convenient credit union Shared Branching Network providing over 5,700 full service deposit-taking locations in the U.S. and five countries. FSCC's innovative use of technology allows it to offer 24/7 access for financial services at more than 2,000 7-Eleven® Vcom® Units and through the nation's only shared access call center 866.My.CU.Now. FSCC credit unions represent $141 billion in assets. Since 1999, FSCC has returned over $13 million to its members through patronage dividends, rebates and return of capital. For more information, please visit www.fscc.com or call 888-372-2669 ext. 1235.
San Dimas, Calif. – Officials at Financial Service Centers Cooperative, Inc, the country's largest and most convenient shared branching network, report usage of the 7-Eleven Vcoms for shared branching transactions are exceeding projections significantly in 2009. The Network reports usage is up 43 percent from just under a year ago and that transaction surges are running as high as 9 percent week over week since December 2008.
FSCC officials point out several reasons for the growth. "24/7 access is obviously a big reason," says Bonnie Kramer, EVP at FSCC. "Our biggest days are Fridays and Saturdays, with Sundays not far behind. Members need access to their accounts when it is convenient for them and that does not always coincide with typical financial institution hours."
FSCC Network officials also report that in several states hit hard by the recession, credit unions are closing down branches and directing members to the 7-Eleven Vcoms. "These units have become a real safety net for credit unions," adds Ms. Kramer. "Certainly traditional shared branching is a big help, but with so many affected members, we couldn't keep up if it weren't for the Vcoms."
Other factors include the ease of use and affordability. According to Carol Corey, Branch Manager for Point Loma Credit Union, "My granddaughter who is a college student loves to go to 7-Eleven to access her credit union account and it's nice as she does not incur a fee anymore. It is a big savings for a starving student."
The fact that the Vcoms allow members to make deposits to all their accounts as well as loan payments, loan advances, withdrawals, transfers, and more means the member can perform almost any transaction he/she could at a regular branch.
"Our credit union members love using the service. It is wonderful as it helps maintain our membership from going to our competition. And the fact that they are available 24/7 to those away from their homes and credit unions gives credit unions an advantage over banks." adds Ms. Corey.
FSCC deployed shared branching services on Vcom Units in 2007. These access points feature 24/7 convenience and surcharge-free options for members nationwide.
About Financial Service Centers Cooperative, Inc. (FSCC)
FSCC is an owner of CU Service Centers® and the nation's largest and most convenient credit union Shared Branching Network providing over 5,700 full service deposit-taking locations in the U.S. and five countries. FSCC's innovative use of technology allows it to offer 24/7 access for financial services at more than 2,000 7-Eleven® Vcom® Units and through the nation's only shared access call center 866.My.CU.Now. FSCC credit unions represent $141 billion in assets. Since 1999, FSCC has returned over $13 million to its members through patronage dividends, rebates and return of capital. For more information, please visit www.fscc.com or call 888-372-2669 ext. 1235.