RALEIGH, N.C. (4/12/12)--With nearly 1,100 no-surcharge ATMs located throughout North Carolina, State Employees' CU's CashPoints ATM network is saving the state's unemployment and child support beneficiaries more than $8.4 million in ATM transaction fees annually, with nearly three million transactions each year.
As North Carolina's unemployment rate continues to hover around 10%, recipients of unemployment benefits rank top among non-member use of CashPoints services. In the past year these recipients, who receive their claims payments via an Employment Security Commission debit card, performed more than 1.8 million transactions at SECU machines. The no-surcharge SECU CashPoints network saved this user group more than $5.4 million.
Also, child support recipients performed more than one million transactions on the CashPoints network during 2011. And military personnel performed nearly one million additional transactions at CashPoints machines in the past year.
SECU in 2010 signed bi-lateral agreements with four military-based credit unions. Under this agreement, SECU military members also have no-surcharge access at ATMs owned by several defenses credit unions in the state, providing a worldwide benefit for these members.
"A goal of our not-for-profit cooperative is to help keep money in the pockets of members, while also providing an overall economic benefit to all citizens of our state," said Leanne Phelps, SECU senior vice president of card services. "A no-surcharge benefit of $8.4 million to these groups in great need of support is doing just that."
Based in Raleigh, N.C., SECU has more than $23 billion in assets.