WCU Expands ATM Network
Fitchburg-based Workers’ Credit Union recently added nearly 6,000 new locations where its members can make deposits, withdrawals and loan payments through its new affiliation with Financial Service Centers Cooperatives (FSCC).
FSCC, through its CU Service Center Network, uses an electronic network between participating credit unions. It is similar to an ATM network, but with expanded capabilities, such as loan payments by check and cash loan advances.
WCU’s transition to shared branching mainly focuses on providing convenience for its members.
Rich Rogers, vice president of retail operations, and Gordon Wetmore, senior vice president of marketing, told the Worcester Business Journal in a phone interview that the real reason for this new affiliation is to expand service for members who may be travelling and away from a home office.
Shared branching is where credit unions from around the country share their facilities to open up thousands more locations where members can perform banking transactions. This process operates on two levels: first, WCU members have access to their accounts using other shared branches, and second, members of other credit unions are able to access their accounts using WCU’s branch offices.
The overall cost for Workers’ to join the CU Service Center Network is $25,000, which includes the software cost. The fee for the transactions made gets charged to WCU, but it is free for its members. They are only charged for fee-based services.
WCU will provide a free shared branching card to its members that will allow them access to 1,300 credit unions nationally, and 5,700 locations in North America, Europe and Asia. There are also 2,200 full service kiosks located in 7-Eleven stores across America.
Several local credit unions are also affiliated with FSCC, including Digital Federal Credit Union, Worcester Credit Union and Allcom Credit Union, according to the CU Service Centers web site.
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