LAS VEGAS – From the hush-hush press briefing to animated slides of CEO Sarah Canepa Bang disco dancing "for joy," senior managers at Financial Service Centers Cooperative could hardly contain their excitement at "the very big announcement" of its long-planned shared branching pact with 7-Eleven.
"We've been biting our nails until last night," Bang told reporters in recounting how the final contract was signed June 19 on the eve of FSCC's annual conference here.
That contract was signed by a top financial executive from the Dallas convenience chain who appeared before the FSCC's Las Vegas gathering to help unveil FSCC's hookup on the Vcom shared branching kiosks slated to start in the stores some time in the fourth quarter.
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Eventually, 2,250 7-Eleven stores will be included in the FSCC linkup and opened to other shared networks and participating CUs in what FSCC called a breakthrough event that "beats banks to the punch."
It is a milestone, said Bang, in which the entire industry shares the benefits, "giving us instant mass" and putting CUs on the same level playing field with large banks like Bank of America and Wells Fargo which have long dwarfed CUs in branch capacity.
"My dreams have come true," effused Bang in keeping details of the 7-Eleven agreement secret until the last few minutes of her year end speech to delegates in which she advised "the media to get ready."
At that, she brought up to the podium John Dyer, manager of financial services for 7-Eleven, who later described the negotiations with FSCC first initiated in 2004. The convenience chain is now making plans to modify the Vcom units for an array of CU services including deposit taking, loan payments and withdrawals.
One service not included will be inter-CU transfers barred by regulation, explained Bang.
Dyer said he expected CU usage of the Vcom kiosks would extend beyond an ATM application into broader services acknowledging that the large and imposing check-cashing machines in 7-Eleven stores now resemble "ATMs on steroids."
Bang stressed that other shared branch networks would be invited into the 7-Eleven project. All of the FSCC-linked kiosks would contain the CUSC logo as an identifier to members. [email protected]
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