Wescom CU Buys Check Cashing Chain

PASADENA, Calif. – Wescom CU, which has been expanding its non-depository business, announced Friday it has acquired a chain of local check cashing stores, one of the first credit union deals of its kind. The eight check-cashing outlets, now operated under Area Check Cashing Centers, will now be outlets of the $4 billion credit union. The check cashing operations will be operated as a Wescon CUSO, allowing it to serve non-members of the credit union, and will provide check cashing, payday loans, money order sales, phone card sales and Western Union wire services. Darren Williams, president of the credit union giant, said the acquisition was undertaken as a way to increase outreach to the underserved. The deal comes a few weeks after Wescom expanded its mortgage business with the acquisition of CU Mortgage, and just months after the credit union began operations as a credit card bank, acquiring and managing credit card portfolios for other credit unions.