Although it’s not possible for every credit union member to have a personal ATM, Actors Federal Credit Union comes close – with one ATM for every 250 members. As 2001 drew to a close, AFCU had more than 50 ATMs in place throughout New York City, and plans for additional placements.
“This year has been very generous to us in terms of ATM placement,” said AFCU President Jeff Rodman. “We ended last year with just twelve, and we were happy with that. The addition to our staff of an outside sales agent has greatly enhanced our success.” Rodman noted that the deployment of ATMs has helped to boost the credit union’s assets, as well as its membership.
During the year AFCU developed partnerships with several other credit unions, including its first trancontinental relationship – with First Entertainment Credit Union of Hollywood, Calif., and NYC – on three machines. Successful partnerships have also been formed with United Nations Federal Credit Union on five machines, and Union Settlement Federal Credit Union on one machine, both in New York.
The partnership between AFCU and Lower East Sides Peoples Federal Credit Union expanded this year as well, with the addition of two more shared machines for a total of three. AFCU drives and operates the machines, including all back-office settlement activity, while income and expenses are split 50:50 by the partner credit unions.
“With CO-OP Network’s ability to reach coast to coast, it makes great sense for us and our members to join together with Actors to service our needs,” said First Entertainment’s CFO Neil Marshall. “Working with AFCU and their ATM placement program has been a strong asset to us, especially for our New York office.” Marshall pointed out that, since both organizations serve members of the entertainment community, “it was a natural strategic alliance.” CO-OP Network and members of its credit union owners are able to use one another’s ATMs without being surcharged.
Approximately two-thirds of AFCU’s ATMs are located in McDonald’s restaurants. The remainder are located in supermarkets, newsstands and drug stores. The main objective is to place ATMs near subway stops in New York City. “If there is a McDonald’s available, that’s our first choice. However, in their absence we work with numerous other local retailers successfully,” Rodman said. “Member convenience is our number one priority when scouting for locations.” That priority is reflected in AFCU’s slogan, “Our Buck Stops at Your Stop.”
A complete listing of AFCU’s 100 percent fee-free ATM’s can be found at www.actorsfcu.com.