special report - Filene Research Institute

Filene Research Institute and The Center for Credit Union Research, University of Wisconsin–Madison
SPECIAL REPORT
The Implementation of
Check-Cashing Services
A Growth Opportunity
for Credit Unions
A Pilot Program by the Filene Research Institute
Mark C. Meyer, J.D.
Introduction
Millions of low to moderate-income
Throughout the pilot, the Institute
Americans do not obtain payment services
collected and disseminated check-cashing
from mainstream financial institutions.
information, including hosting:
These individuals are more likely to rent
their homes; are racial or ethnic minorities;
are young; have limited or no assets; and
possess limited educational attainment.
In most cases, they have almost no monthto-month financial savings, and frequently
have impaired credit histories.
Credit unions are in an excellent position
to reach out to these people and fulfill
their traditional mission of providing
financial services to people of modest
means. In research sponsored by the
Filene Research Institute, Professor John P.
Caskey, of Swarthmore College, suggests
specific ways in which credit unions can
shopping rates, operating procedures
and other details.
• A Web site
• Development and distribution of
a check-cashing implementation
tool kit
At year end 2003, over 19 credit unions or
credit union related organizations offered
check-cashing services in seven states.
services they receive from unregulated
providers. These services require frequent
in evaluating the check-cashing pilot.
face-to-face interaction, and expose the
1. To fulfill the traditional role of credit
unions in offering low cost financial
benefits and challenges of transaction
of modest means,
demonstrated that an idea can be taken
from a research study and implemented
in the credit union marketplace.
consumer to opportunistic business
practices of the AFS. Yet check cashers are
flourishing, because they do a better job
than mainstream institutions of structuring
products and services to meet the needs
of low-asset households.
“This research and
pilot project
2. To balance the cost of services among
addresses one of
those who support the credit union
the most important
and those who use it as “free riders,”
opportunities
3. To improve the credit union’s bottom
line through transactional services, and
4. To attract new members, as non-
credit unions face
today,” says Bob
Hoel, Executive
Bob Hoel
Director, Filene
members learn about the traditional
Research Institute. “It has implications for
services available from a credit union.
the delivery of financial services to a
The 2003 check-cashing pilot project
Mark Meyer, Filene’s
worked closely with leagues and associa-
director of innovation
tions to identify credit unions with
programs, suggests
significant interest in offering check-
that to get started
cashing services. A total of 22 credit
with a check-cashing
unions or credit union-related organiza-
program, a credit
tions and initially five leagues participated
union needs to:
in the project, which was designed to test
the feasibility of offering transaction
credit union.
service is the key measurement of success
services to individuals and households
product offerings. The pilot also
appropriate business models for the
tion of a sustainable new credit union
To provide empirical evidence of the
a practical complement to credit union
5. Review regulatory considerations for
cashing outlets typically pay more for the
check-cashing services, including:
determine whether these services are
convenience and service levels.
Low-income consumers who use check-
check-cashing outlets, payday lenders,
Institute undertook a pilot project to
— much depends upon accessibility,
for implementation in 2004. Implementa-
compelling reasons for offering fee-based
Innovation and the Filene Research
4. Remember that this is a retail business
Several additional locations were poised
by the alternative financial sector (AFS) —
services, the Center for Credit Union
3. Research the competition (AFS) by
• Educational work sessions
A number of purposes may be cited as
to-own shops and car title lenders.
creatively.
• Pilot teleconferences
provide services currently being offered
small loan companies, pawnshops, rent-
2. Be prepared to market the product
Mark Meyer
1.
Obtain the
commitment of
services to nonmembers. Over time,
additional credit unions and leagues
board, management and staff to
became involved.
develop products or services to reach
the unbanked.
segment of the American population that
needs them most. Even more important,
it reaches into the halls of Congress and
state legislatures to demonstrate credit
union commitment to serving the financial
needs of all citizens. And it provides new
revenue streams for credit unions.”
In this Special Report, we present the
experiences of several credit unions, credit
union service organizations and leagues
that have opted to support fee-based
check-cashing services to members and
to the general public. Based on the
1
Introduction
continued
experience of these organizations, others
unions in reaching out to consumers
can expect the following in pursuing
most in need of financial services.
a program:
• Marketing is often best accomp-
• Check cashing can provide additional fee income and create an
opportunity for the unbanked and
focus on word-of-mouth and other
information to verify user identity
informal communications channels.
and registration.
service do they begin to appear at
• Check-cashing services are an exten-
the credit union office to cash their
sion of the historical role of credit
techniques and systems, a credit
union can capture the necessary
as potential members learn of the
the value of credit union membership.
costly or risky. Working with proven
lished using “guerrilla” tactics that
• Lobby traffic builds slowly. Only
under-banked to learn more about
• A check-cashing service needn’t be
payroll and government checks.
• Success depends upon market
research, including an examination
of competitive rates and procedures.
• The unbanked consumer expects
friendly, efficient and fast service. ❑
Check Cashing as a Producer of Fee Income
and a Source for New Members
Charter Oak FCU,
Groton, CT –
$426 Million in Assets
Ray Currier,
Product Development and
Implementation Officer
Charter Oak FCU began
looking at fee-based check-
Ray Currier
In the fall of 2001, the credit
with the credit union through the check-
union advised members that if
cashing program, and subsequently
they did not maintain at least
become savers and borrowers. Data is
$100 in a share account, they
maintained on the credit union’s core
would pay a fee of 1% of the
data processing system, so there is no
face value of the check for
need to purchase specific check-cashing
check-cashing services, a very
service software.
competitive rate for cashing a
government or payroll check.
cashing services upon examination of
Charter Oak began marketing its fee-based
check-cashing service to nonmembers in
the credit union’s financial statement.
As a result, some members increased their
February 2002. During its first 11 months
An analysis showed many members used
share balances. Some members chose to
of operation, the program took in $55,000
the credit union primarily to cash checks.
pay the fee, and now pay their own way.
in fees from both members and
These members maintained low-balance
The change resulted in a better financial
nonmembers. During the first nine months
savings accounts as access to check-
position for the credit union and for its
of 2003, the program took in $80,000 in
cashing privileges.
member owners. “Charter Oak is firmly
fees, putting it on target to increase fee
committed to helping our members,” says
income by 100% compared to the
The credit union recognized the need of
Currier, “but we also know that we must
previous year.
this membership segment, yet could not
be financially viable in order to serve them
afford to continue to offer free check
most effectively.”
cashing, due to the impact on average
This success has been accomplished
largely through word of mouth advertising
assets and shares per member, and
Based on the success of the member fee-
and employee buy-in. “We do have
increased expense ratios. Charter Oak’s
based check-cashing service, the credit
signage at our facilities,” says Currier,
high cost per transaction was affecting the
union opened the program to
“but I attribute the growth in our program
organization’s competitive edge. And the
nonmembers as well. When potential
to employee acceptance. Early on, we
credit union did not want to close accounts
members come in to cash checks, their
worked to convince our employees that
and send some members to AFS outlets.
personal data is entered on the credit
service fees were in the best interest of
union’s computer. “New members pay a
members. It took training, both one-on-
Product Development and Implementation
five dollar membership fee,” Currier says.
one and in our employee newsletter, to
Officer Ray Currier reports that Charter
“We open a share account for them and
help them understand that this service
Oak is a very strong credit union, but that
place them on our marketing list.”
benefits both the credit union and its
a member check-cashing charge was
necessary in order to control expenses.
Charter Oak now tracks the number of
individuals who establish a relationship
2
members.” Currier believes that employee
training and education is key to the
success of the program.
Check Cashing As A Producer of Fee Income
continued
Charter Oak markets its fee based check-
obtained through tracking indicates that
found that members want a simple
cashing service most heavily at tax time.
the program is profitable. The combina-
system,” he says. “If you make it compli-
Currier calls tax preparation companies
tion of reducing transaction costs for low
cated, members tend to turn to check-
in the area and encourages them to send
balance members, increasing fee income
cashing firms.”
their clients to Charter Oak to cash
from check-cashing members, and giving
income tax refund checks. That has
the credit union an opportunity to market
proven to be a very successful program,
its services to a new market segment adds
and provides the fee income needed to
up to a very attractive opportunity.
continue growth.
Charter Oak has also added other services
to enhance its transaction program. It
offers stamped envelopes, a very popular
service with members. The credit union
Ray Currier advises others considering
also cut its fee for money orders by one-
Charter Oak tries to keep its program as
embarking on a fee-based check-cashing
half, and it now sells more money orders
simple as possible to keep costs down.
program to keep it simple for the member
than ever. ❑
Transaction costs are monitored, and data
as well as for the credit union. “We’ve
Check Cashing As a Demonstration of
Credit Unions’ Historical Role in
Reaching Out to Consumers
Wisconsin Credit Union
Shared Service Centers, Inc.,
Greenfield, WI
and we initiated the program in that
Shared Services Centers’ research
location as well.”
revealed that people who use check-
Rick Hagopian, President
check-cashing service was based on a
The Wisconsin
Credit Union Shared
Service Centers, Inc.
has offered checkcashing services
to people who are
not credit union
Rick Hagopian
members since July,
2003. President Rick
Hagopian reports that the CUSO began
The rationale for offering a fee-based
number of factors. The CUSO’s board of
directors is dedicated to traditional credit
union philosophy of meeting the financial
cashing services want convenience. They
want to be comfortable using the service,
and they want the process to be simple.
That became a primary goal in designing
the service.
needs and preferences of many income
Members and potential members can also
levels. The board believes that a shared
purchase money orders, traveler’s checks,
service center ought to offer the widest
stamps, envelopes, and bus passes at
possible range of services to members of
Service Center branches. All these services
the credit unions it represents, and assist
provide convenience for the people using
in recruiting new members from among
them. “We empower people to take care
the unbanked.
of all their business in one location,” says
Hagopian. “This establishes a meaningful
looking at a fee-based consumer check-
“We are different than check cashers,”
cashing service during 2001. “We had a
says Hagopian. “Many check cashers use a
branch in mind that we felt would be
sliding scale fee structure, which can be
Shared Service Centers promotes its
perfect for this kind of service,” Hagopian
expensive for the consumer. We chose to
check-cashing services on site with exter-
says. “It had heavy traffic and good
charge a flat fee, which we feel is in the
ior banners, balloons in its lobbies, flyers,
visibility. However, the branch was too
consumer’s interest. But the biggest
and window signs. It announced the
small. It didn’t have the capacity to handle
difference between our operation and a
service to area businesses, explaining the
the volume we anticipated.”
check-cashing service is that once a
value of providing cash to their employees.
Subsequently, the CUSO bought a former
bank building, rekindling its interest in
check cashing services. “As we prepared
to offer these services in one branch,”
says Hagopian, “we decided that a
relationship of trust is established with
consumers, we’re in a position to
introduce them to 30 credit unions in our
state, at least one of which is likely to be
able to accept them as a member.”
relationship with the consumer.”
Hagopian believes that users of the
check-cashing service are people who
can benefit greatly from credit union
membership. “The majority of checks
we cash are payroll checks,” he says, “
second branch might also be a good fit,
3
Check Cashing As a Demonstration of Credit Unions’ Historical Role
continued
so these consumers are gainfully
“It’s a pretty straightforward service,” he
With a little homework, it can be done
employed and can benefit from credit
continues. “There are many reasons why
safely and securely, and can provide a
union services. We’re here to introduce
credit unions ought to take a look at
benefit for the community as well as for
them to the benefits of membership.
transaction services such as check cashing.
the credit union.” ❑
Marketing is Often Best Accomplished
U s i n g “ G u e r r i l l a ” Ta c t i c s
River City
Credit Union,
LaCrosse, WI –
$8.4 million assets
“We completed an application,
To be competitive, River City offers
provided a copy of our policies
marginally lower rates than other
and procedures, and received
providers in LaCrosse. One of Venner’s
approval within three weeks,”
goals is to convert check-cashing clients
she says.
Bea Venner, President
Initially, River City placed ads
Bea Venner heard about feebased check-cashing programs
in the local paper but did not
Bea Venner
for nonmembers through the
Wisconsin League. “It struck a chord
here,” she says, “because we are located
in an area with many low income public
assistance people. These folks are always
looking for a place to cash their checks. In
many cases, individuals come in and open
an account primarily to use the credit
union to cash checks.” River City’s location
is excellent to attract commuter and other
traffic, because its office is located on a
main thoroughfare.
Venner believed that a check-cashing
program would be a way to provide
service for those people without requiring
them to open an account. River City
gathered background information to verify
Venner advises others interested in
providing fee-based check-cashing
placed in local businesses to alert
services to do research on whether they
consumers of the new service. Venner
have a good location; be competitive with
also visited a cash advance firm that often
regard to rates; and use brainstorming
receives requests from people to cash
techniques to determine how best to
checks, a service the cash advance firm
attract people to use the service.
does not offer. “We plan to continue to
Unconventional marketing methods may
pursue these informal marketing channels
help get the word out, she says. ❑
as we move forward with the program,”
says Venner.
In promoting the service on site, the credit
union needed to observe city ordinances
regarding how and where signage can be
placed. Current signage lets people know
that River City cashes checks for
nonmembers as well as for members.
The credit union’s check-cashing procedures are simple: check-cashing clients
and after it was assured that sufficient
safeguards would be put in place, it
granted permission to proceed. Venner
then applied to the state regulator, a
process that in Wisconsin is fairly simple.
4
we’ll see more of it in the future.”
for. More effective were flyers
payroll and government checks.
ment to research policies and procedures,
happen,” she says, “and we’re hoping
get the kind of response hoped
identity and allow individuals to cash
The credit union’s board asked manage-
members. “We’ve already had that
complete an application and the credit
union makes a copy of the first check
cashed. If they qualify, users receive a
check-cashing card they can show, along
with personal identification, on subsequent visits, eliminating the need to go
through the initial process again. It’s a
kind of pre-approval mechanism.
L o b b y Tr a f f i c f o r C h e c k - C a s h i n g
Services Builds Slowly
Green Bay
Credit Union Center,
Green Bay, WI
Calvin Radue, President
To track transactions and users, the Center
Radue made certain changes in the model
set up a separate account with its data
presented at Filene’s check-cashing
processor. Check-cashing clients’ names
workshop. The model, for example, does
and other data are entered on that system
not accept a check if the credit union is
so that when they come in, their account
unable to call and verify the user’s identity
Like Charter Oak FCU, the credit unions
history can be accessed. With adherence
with an employer. “Many of the people
that make up the Green Bay Credit Union
to a few policies and procedures, checks
we see work at startup operations in local
Center had many members who used their
and identification can be verified. The
malls and other employers,” he says, “and
credit union
largest market group for check-cashing
the employer’s phone is not yet listed in
primarily to cash
services at the Green Bay Center is young
the book. Out of state employers may also
checks. Two years
males, according to Radue.
be difficult to contact. So we often waive
ago the Center
received permission
from state
regulators to offer
fee-based checkCalvin Radue
cashing services to
the general public. That plan was not
implemented, however, until one of the
Center’s credit unions undertook plans
to no longer participate in the Center
The Center has placed signs on its
building, and posters in the places of
Radue’s advice: “Don’t be afraid of this
business of sponsors of the credit unions
program. A fee-based check-cashing
the Center manages. Radue also called
service is similar to what we used to see
several social service agencies and
in a grocery store, where people would
provided them with posters to place at
come in and cash their payroll checks. The
their offices. He has not used traditional
fear some credit union people have about
advertising media such as newspapers to
offering this kind of service is unfounded.
promote the service.
It can benefit the credit union, its
and go on its own. Center management
Lobby traffic is building slowly. “You don’t
looked at how the loss of revenue could
open your door and have 15 people rush-
be recouped, and fee-based check cashing
ing into the lobby to cash checks,” says
was the answer.
Radue. “But volume is growing steadily.
“I attended a Filene workshop on the
subject,” says Center President Cal Radue,
“and armed with the information I
received there we moved forward to
implement the program.”
that requirement.”
members, and bring in new members as
well. It seems to me to be an easy
decision.” The Center has had no losses
since it began offering the service ❑
We’re looking forward to reaping more
income from the service as members and
nonmembers hear about it.” The Center
charges 2% of the face value of the check,
rounded up to the next whole dollar.
5
Check Cashing Can Be Offered
With Minimal Expense
First Community CU
of Beloit, WI –
$38 million in assets
Jack Gill, President
Gill believes many
opportunities to serve anyone who might
credit union people
benefit from the credit union’s services.
tend to see the
Check cashing is one way to achieve that
program as much
goal. “We feel we’re providing a good
more complicated
service at a good price,” he says,
“We learned about check-cashing services
than it needs to be.
“compared to check-cashing companies.
at a seminar at the Wisconsin League’s
“This
That’s in accord with the historical role of
annual meeting,” says Jack Gill. “The
is a pretty simple
credit unions.”
Filene staff presented the subject. It
Jack Gill
product, and
seemed a fairly straightforward oppor-
needn’t be over-analyzed. We started our
tunity, and we decided it was something
service without software, working with
we wanted to do. Our credit union is
manual logs and registers to keep track of
located in a part of our city with a signifi-
program use. This approach keeps the
cant number of low income households,
cost down until we have a track record
which makes fee-based check cashing
and can determine how successful the
appealing to many residents. We have a
program will be.”
check-cashing outlet within three blocks
First Community has been careful to
observe the recommended requirements
for identification, and as a result it has had
no unexpected surprises in implementing
the program. The credit union averages
$400-$500 per month in income through
its check-cashing program. “We’ve been
very conservative in the initial phases of
First Community’s board of directors
the program,” says Gill, “because we
has been very supportive of the program.
know we can purchase software and other
Gill reports that fee-based check cashing
Management presented it as a way to
resources if demand warrants. In the
was a relatively easy project to undertake.
generate income and recruit new mem-
meantime, our costs have been held to
The cost of implementing the service is
bers, and the board agreed. To date,
a minimum, and we’re happy with that
modest, so that the financial risks involved
about 25% of individuals who initially
approach.”
are acceptable.
came to the credit union to use its check-
of the credit union.”
First Community perceived two potential
benefits in a check-cashing program: it
cashing service eventually became
members.
Gill suggests that credit unions talk to
others who have implemented a checkcashing program about their experience,
offers a way to increase membership, and
Like other credit unions offering check-
and think about the risks and potential.
it promises additional revenue. “We don’t
cashing services, First Community has a
He adopted the policies developed by
expect to get rich from a program like
banner outside its lobby advertising the
other credit unions, simply refining them
this,” says Gill, “but it is a good way to
service. The credit union also sends letters
to suit his needs. (Filene has facilitated
reach a new group of potential members.”
to temporary employment agencies and to
making the policy documents available to
major employers listed in the local
any credit union interested in developing
chamber of commerce directory. “We’ve
a check-cashing program.)
The credit union also has a large Hispanic
population in its service area, and is
looking for ways to attract that market
segment to join and use the credit union.
Transaction services are one way to
accomplish the goal. Gill is also working
on providing Spanish language services to
Hispanic members.
also developed a referral coupon
program,” says Gill, “offering half-off the
next check-cashing transaction for both
the existing user and the new user. We
believe that word of mouth is more
effective to reach this market segment
than some of the more traditional media
The effect of offering check cashing has
channels. The program requires time to
not resulted in overwhelming numbers of
build: if people are pleased with our
individuals in First Community’s lobby.
service, they will be back and they’ll tell
“As a matter of fact,” says Gill, “we’d like
their friends about it.”
to see a bit more lobby traffic. I don’t
think people need to be concerned about
the overcrowding issue.”
6
Jack Gill does not focus specifically on the
underserved. Rather, he is looking for new
The philosophy of First Community’s
management and board is that if a feebased check-cashing program works,
that’s great. If it doesn’t work, the credit
union’s investment and risk are minimal.
Because costs are so modest, Gill feels
no urgency to make a quick success of the
program. So far, he hasn’t had a loss, and
the program has performed well without
major problems. ❑
Check-Cashing Success Depends
Upon Market Research
Dane County Credit Union,
Madison, WI –
$65 million assets
income generator and a way to provide a
comfortable with the initial phase of the
low-cost service to the community.
program. “We see the check-cashing
Mary Rescorla,
Vice President, Operations
management prepared a presentation
After attending a Filene workshop,
outlining the program to the board. Being
Dane County Credit
Union is a member
of the Credit Union
Express Branch
(CUEB) in Madison,
a shared service
center, which began
Mary Rescorla
offering nonmember check
service as an additional way for our credit
union to reach out and serve a community
need,” she says.
able to report on the success of CUEB in
And credit union president Linda
fee-based check cashing made it relatively
Wilkinson adds: “Dane County Credit
easy to obtain the board’s buy-in. The
Union made the decision to offer non-
credit union also contacted area check
member check cashing because we feel
cashers and payday lenders to determine
modest income households deserve a
what services they were offering and what
better deal. We can provide check cashing
prices they were charging. And it talked
at a lower cost by utilizing existing staff
with the president of CUEB to review its
and facilities as an outreach to members
program and procedures.
of our community who need these
cashing in 2002. When the Express Branch
Mary Rescorla reports that Dane County
exceeded its check-cashing projections in
plans to add other services, such as
both volume and income, Dane County
stamps, money orders, and perhaps wire
decided to look into the service as an
transfers, once we the credit union is
services. It’s what credit unions are all
about, people helping people.” ❑
League-Sponsored Check-Cashing Programs
Alabama Credit Union
League
Hal Hays, Director of Business
Development
The Alabama League sees
The league’s CUSO did extensive research
check cashing as a way to
before presenting a rationale to the
initiate a relationship with
board. “We held ourselves to a very high
people who might not
standard,” says Hays. We met with each
otherwise enter the credit
board member to be sure all concerns
Hal Hays, Director of Business
union. Check cashing may be
were addressed before proceeding.”
Development for the Alabama
the only financial relationship
Credit Union League reports
an individual has. By connecting
that credit unions in his state
Hal Hays
with these people, credit
want to reach out to the underserved, and
unions also establish a framework for
the league took the initiative to help make
financial literacy and other financial
that happen. A Filene-sponsored report on
products.
the subject, Check Cashing and Savings
Services such as fee-based check cashing
brings potential new members into the
credit union, according to Hays. Alabama
service centers gather information for the
CU Matchup program, to identify
nonmembers eligible to join. In their
Programs for Low-Income Households: An
Alabama service centers also provide
lobbies the centers offer literature in both
Action Plan for Credit Unions, by John P.
remittance services through the World
English and Spanish on the credit union
Caskey, demonstrated how non-member
Council’s IRNet service; pre-paid wireless;
difference, and on money management
check cashing in a shared branch
and bill payment services. The league is
education.
environment could be implemented. “A
investigating debit card funds
number of our stand alone service centers
disbursement and check truncation. “We
are in areas with low income households,”
won’t close the door to any means that
says Hays. “We’re hoping that extended
will help serve this population better,”
hours of operation at these centers will be
says Hays.
“We’re hoping the league’s experience in
participating in the Filene pilot project will
help credit unions throughout the state
benefit,” says Hays. ❑
attractive to our target population.”
7
League-Sponsored Check-Cashing Programs
Delaware Credit Union
League
consumers using check-cashing services
And in Michigan, Veronica Madsen,
may be potential members and could
Senior Regulatory Consultant for the
take advantage of other credit union
League reports that her league became
services,” says Walls. “Drawing them away
involved in the check-cashing pilot
The Delaware Credit
from fringe banking outlets and providing
program after she and Bob Huston, of
Union League
an affordable service were prime
Co-Op Services Credit Union attended
became involved in
motivators in offering the program.”
Filene’s Check-Cashing Business Oppor-
Bob Walls, President
non-member checkcashing services
through DELCU
Financial Services,
Bob Walls
continued
LLC, a credit union
CUSO managed by
the league for the past four years.
Bob Walls, the league’s president,
reports that the CUSO was originally
formed by 16 credit unions for the
purpose of deploying surcharge-free
ATM cash dispensers around the state.
The CUSO subsequently developed a
member personal trust program, and was
looking for other opportunities to reach
out to consumers. “We recognized that
Several credit unions expressed interest in
the providing the service. Standard
tunities for Credit Unions session in
March 2003.
policies, procedures, and signage were
Twelve credit unions responded to the
developed using the successful models
initial call for interest in participating in
already in place in Wisconsin and Missouri.
the Michigan pilot. Due to state regulatory
The first two credit unions to adopt the
program in Delaware are American Spirit
Federal Credit Union and Diamond State
Federal Credit Union. Both credit union
CEO’s wanted to serve consumers who
lack a mainstream financial institution
relationship, develop additional credit
union membership opportunities, and
promote the credit union philosophy of
“People Helping People.”
hurdles, only one credit union, Midwest
Financial, and service centers made plans
to move ahead with the program. Madsen
reports that many Michigan credit unions
are still very interested in offering the
service, and are making plans to adopt
fee-based check cashing in the future
when a model credit union in Michigan
has demonstrated the feasibility of the
program. ❑
Conclusion
At year-end 2003, at least 19 credit union
Credit unions in Nevada, Maine, Wyoming
The Filene Research Institute continues
or credit union related organizations
and Tennessee plan to implement check-
to be a resource for credit unions inter-
offered low-cost transaction services to
cashing services. Over 25 credit unions in
ested in developing products or services
the under-banked in seven states. Activity
California indicated interest in reaching
for the low-to-moderate asset household.
across the nation indicated that within
out to offer transactions services to
Learn more about check-cashing services
another year more than 50 credit unions
consumers.
would be offering check-cashing services.
for credit unions at www.filene.org, or
contact the Filene Research Institute at
608- 231-8550. ❑
8
C re d i t U n i o n O rg a n i z a t i o n s O ff e r i n g F e e - B a s e d
Check-Cashing Services with Live Locations in 2003
(Known by the Filene Research Institute as of December 2003)
Avestar Credit Union
Ladish Community Credit Union
CENTRA Credit Union
Midwest Financial Credit Union
Charter Oak Federal Credit Union
River City Community Credit Union
Credit Union Express Branch
Wisconsin CU Shared Services Center, Inc.
Dane County Credit Union
UnitedOne Credit Union
First Community Credit Union of Beloit
Alabama Credit Union League
Green Bay Credit Union Center
Delaware Credit Union League
Kansas Credit Union Association (Assisted
Kansas CUSO)
Michigan Credit Union League (Assisted
Michigan Credit Unions)
Missouri Credit Union Association
Wisconsin Credit Union League (Assisted
Wisconsin Credit Unions)
9
Filene Research Institute
P.O. Box 2998, 5910 Mineral Point Road
Madison, Wisconsin 53701-2998
Phone: 608.231.8550
Fax: 608.238.4709
Website: www.filene.org
1752-P1045(0404)
© 2004
Filene Research Institute