Vehicle Branches Help CUs Grow, Maintain Membership

Stepping Stones Community FCU’s Branch on Wheels. Photo credit: WITN 22

Credit union branches aren’t going away, but they are changing – and some of them even travel around town.

Two Northeastern credit unions recently converted vehicles into mobile branches that staff members can take to Select Employer Group workplaces, community events and other locations to recruit new members and serve existing members who can’t make it to a traditional branch. Stepping Stones Community Federal Credit Union ($4.2 million in assets, Wilmington, Del.) deployed a branch-in-a-van that led to a significant increase in membership and allowed the credit union to easily serve members during the pandemic. For the $451 million, Kensington, Md.-based Signal Financial Credit Union, a mobile branch provides a new way for employees to interact and build business with existing members.