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FSCC shared-branching dividend exceeds 1 million
SAN DIMAS, Calif. (2/20/09)--Shared Branching network Financial Service Centers Cooperative (FSCC) processed 60 million transactions in 2008--a 15% increase over 2007. That means it will provide a patronage dividend of $1.1 million to its member credit unions. The dividends will be distributed following FSCC’s annual audit this spring. Dividends are paid to shareholders for acquired transactions performed in their branches and shared- branch kiosks owned by credit unions. FSCC’s transactions were made through mobile banking, remote deposit capture, shared branching, shared-branch self-service kiosks, 7-Eleven shared-branch services and FSCC’s 24/7 call center outlet. The average amount for deposits was $1,100, with $496 for payments, $800 for advances and $540 for withdrawals. The average amount processed for a transfer was $870 and the average deposit processed with remote deposit capture was $300, FSCC said. The average deposit at Vcom Units, located at 7-Eleven convenience stores, was $578. Many credit union members used Vcom Units when their local branches closed. “In almost all cases where a credit union has had to close a branch, we’ve had a Vcom or other shared branch nearby, ready to take the transactions,” said Sarah Canepa Bang, FSCC president/CEO. “In one week we saw transactions grow at Vcoms by 6%.” FSCC is based in San Dimas, Calif.


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