MANHATTAN BEACH, Calif. — If the executive team at Kinecta Federal Credit Union had any reservations about attracting new members from its new payday lender CUSO, it's too late now.
As of November month-end, 12,000 Nix customers have opened Kinecta accounts.
According to Randy Dotemoto, senior vice president for Kinecta Alternative Financial Solutions, most new members joined to take advantage of the group's redesigned payday loan product.
Recommended For You
"We're not advertising at all; in fact, at our Nix locations we're telling the general public we're not ready yet," Dotemoto said.
Kinecta plans to fold the new CUSO into the credit union in early January, and will launch a membership campaign soon thereafter, once depository ATMs and other credit union channels are in place.
Dotemoto said he is encouraged by payday lending members who have signed up for additional credit union products and services on their own, without any cross-selling efforts.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
