Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
CU in Texas ends disbursement of loose change
HOUSTON (7/23/08)--Is it possible to be progressive--without making change? The newest branch of People’s Trust FCU in Houston would say yes. The branch, which opened in May, doesn’t give out loose change to its members. Instead, the credit union places the change into members’ accounts, or gives them the option of contributing the money toward charity through the credit union’s foundation. So far, two members have chosen give their money to the foundation. “We’ve gotten very positive feedback,” Vernon Babilon, executive vice president and chief financial officer, told News Now. People’s Trust decided to go coinless to encourage member savings. “It’s an easy way to get them started,” Babilon said. “When we gave members change, they didn’t count it.” Going coinless is also safer. Without coins, tellers at the credit union don’t need cash drawers, which can attract robbers. Instead, they use bill dispensers. “It’s better for the members, and it’s safer for the members and the tellers,” Babilon said. Though the tellers don’t give back coins, the branch offers a cash machine for members’ loose change, and has rolled coins available, Babilon said. The branch has a nontraditional teller layout. Members are greeted when they walk in the door and can use one of four dialog stations. The four tellers share two bill dispensers. So far, the new Houston branch is the only one of seven that is going coinless. “We hope in the future other branches will follow suit,” Babilon said. The branch also is the only coinless branch in the area, and has generated interest from local financial institutions. The chief financial officer at a Dallas bank recently called Babilon because he liked the idea, Babilon said. Even if the idea of “going coinless” catches on, Babilon doesn’t expect a cashless society. “There’s too much of a need,” he said. “There are always walks of life [that need cash].” People’s Trust has $288 million in assets.
Other Resources

RSS





print
News Now LiveWire
#creditunions teach #college students how to handle the plastic http://t.co/SYy24PSQmn
30 minutes ago
How you might change how you bank in 2015 @Bankrate http://t.co/wRhQsyTvul
48 minutes ago
#NewsNow Ohio, Ga. video: Merchants not watching your wallet http://t.co/7jc7rECKSF
1 hour ago
What will a viking raid? Town or your wallet? http://t.co/JJYXXAGk7g @OhioCreditUnion @GCUAGov #StoptheDataBreaches http://t.co/7jc7rECKSF
2 hours ago
#creditunions face 'perfect storm' of tech changes in 2015 #NewsNow http://t.co/K2a6GZX8k5
2 hours ago