Problem:
After experiencing substantial member growth with a new community
charter, Fairfax County Federal Credit Union (FCFCU) needed to quickly
expand fee-free ATM access and reiterate FCFCU’s brand promise
to members, particularly among new FCFCU members who did not frequent
the existing locations of FCFCU ATMs. While FCFCU needed to increase
the number of FCFCU-branded ATMs and fee-free access, it needed to
do so without investing large sums of capital for new branches and
ATMs.
Solution:
Through Cardtronics, FCFCU realized the potential opportunity of participating
in the Surcharge-Free ATM Branding Program. The ATM Branding Program
was designed to help financial institutions better serve their members
and customers by bringing branded, surcharge-free cash access into
the retail locations consumers visit most. Supplementing the ATM and
branch network already in place, the ATM Branding Program allows the
financial institution to focus on its key business and customer service
initiatives while Cardtronics takes on the costs, responsibilities
and risks associated with ATM management and ownership.
“The ATM Branding
Program represents a great value for Fairfax County FCU and, most
importantly, for our members,” stated Joe Thomas, FCFCU CEO.
“Participating in the ATM Branding Program has allowed us
to quickly and significantly expand our ATM presence to better serve
our growing, diversifying membership while simultaneously enhancing
brand awareness for FCFCU. We expanded our ATM presence into prime
retail locations and avoided the capital expense of deploying new
ATMs while reducing our ATM maintenance costs as well.”
Results:
In March 2007, FCFCU put its brand on six Cardtronics-owned and -operated
ATMs in the six Costco locations in Fairfax County, expanding its
ATM fleet by more than 25%. The FCFCU brand became more visible to
current and prospective members alike, particularly with consumers
and small businesses in the community. FCFCU member transactions at
the branded machines increased 379% in the six months following the
brand implementation compared to the prior six months. “The
added brand awareness and customer service functionality of these
branded ATMs is helping FCFCU attract new members and retain existing
members,” Mr. Thomas said. “It has been a winning program
all around.”
If credit unions pursue
the ATM Branding Program through their relationship with Credit Union
24, the CUSO provides preferred pricing for the Program, which is
then administered through Cardtronics. “Our partnership with
Cardtronics helps credit unions provide an ATM solution of significant
value for their members,” said Jim Park, president and CEO of
Credit Union 24. “In today’s economic climate, all budgets
– both institutional and personal – are stretched, and
the ATM Branding Program alleviates pressures on members’ wallets
and the bottom line of credit unions.”
For more information, visit
http://www.cu24.com/atm_branding.asp
