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Kinectas venture into check cashing marks first year
MANHATTAN BEACH, Calif. (8/18/08)--Kinecta FCU’s purchase of Nix Check Cashing of Carson, Calif., one year ago brought 15,000 Nix customers into the credit union’s membership. The credit union acquired 53 Nix stores, added ATMs to 36 and opened service windows at five. “We have created a revolutionary business model that will bring credit union services to underbanked areas where nearly five million people live,” said Simone Lagomarsino, Kinecta president/CEO. The credit union also introduced three alternative financial products and services:
* A $300 payday loan alternative for the same fee that others charge on a $255 loan; * A rewards program that returns one-third of the loan fee into a savings account for qualified customers and currently is a pilot program in three stores; and * Change for Tomorrow, a savings program that allows Nix customers to put any amount of change, no matter how small, into a savings account. The program launches next month.
“Many Nix stores are in locations where few banks exist, leaving consumers with limited options,” said Tom Nix, Kinecta senior vice president and Nix Check Cashing president. “Kinecta’s acquisition of Nix has returned banking products to areas that have not had them for many years.” Kinecta has $4.4 billion in assets.
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