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New ATM checking technology appeal to younger set

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RANCHO CUCAGMONGA, Calif. (12/14/07)--The average age of a credit union member is 47, which means credit unions must incorporate new technology to “start getting younger fast,” said Stan Hollen, CO-OP Financial Services president/CEO. Credit unions have begun using check-imaging capabilities, which 18-to-34-year-olds are adapting to, Hollen said. “Whether at the ATM, in-branch, at home, work or via kiosks, credit unions should begin deploying this technology on a large scale. Checks may be dipping in use, but they’ll continue to be a dominant payment mechanism for the future,” he explained. Check-imaging technology has a “strong youth appeal,” said David Sigal, vice president of finance for USA FCU in San Diego. “Transactions continue to grow, members are very comfortable using the technology, balancing and the image-proofing process is quick and easy, and we’ve found the cost of moving images is approximately 50% of moving paper items.” Check imaging allows consumers to place a check into an ATM kiosk, display the image on a screen and print a receipt. About 32 billion checks are written each year. Empty envelopes account for about half of all ATM fraud, according to CO-OP. CO-OP is a credit union service organization based in Rancho Cucamonga.

CU 24 adds Allpoint network

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TALLAHASSEE, Fla. (12/14/07)--CU 24, a national credit union-owned point-of-sale (POS) network, has added the Allpoint network to its CU HERE surcharge-free ATM program. The CU HERE Premium program is an offshoot of CU 24’s surcharge-free CU HERE network, which combines ATMs at participating credit unions and at Publix Supermarkets with MoneyPass Network locations. The combined network will provide credit unions with more than 45,000 surcharge-free ATMs nationwide, with locations in all 50 states. CU 24 will defray the costs of the Allpoint surcharge-free ATMs during the first year of the program. The expanded CU HERE network will take effect in February 2008, and CU 24 participants can opt-in to the CU HERE program in January. CU 24 is has multiple processor links, hundreds of thousands of POS locations and more than 100,000 ATM terminals in the U.S. Allpoint is a division of Cardtronics and has 32,000 ATMs in national and regional merchant locations nationwide.