Chessie FCU Reports 700% Traffic Increase
Chessie FCU is reporting a near 700% increase in volume four years after opening the first Service Center Corp. "outlet" shared branch in the nation.
Southfield, Mich.-based Service Center Corp., which operates the Credit Union Service Centers, offers the outlets to allow "acquiring" credit unions to perform national shared branching transactions for other credit union members.
"Before opening our Frederick outlet, we processed fewer than 40 shared branch transactions per day," said Chessie FCU CEO Richard "Doc" Daugherty. "Now we average more than 230 daily transactions, and that provides a lucrative source of income.
Since Chessie FCU opened its outlet, six other credit unions in the mid-Atlantic region have opened SCC outlets in the past year, including February 2004 when Fairfax County FCU launched the first SCC outlet in Virginia.
"I couldn't believe it, the first day we opened the Fairfax outlet we processed three shared branch transactions," said Fairfax County FCU CEO Joe Thomas. "With no signage or anything, we were already experiencing the benefits of signing with SCC. We broke even our first month, processing over 400 transactions, and it appears we'll double that number in March.
"We became an outlet to serve other credit union members and keep our lobby busy during lag times."
For info: www.servicecenters.org.