EL PASO, Texas–evolve FCU has opened three new “micro branches” here.
The facilities allow members to conduct transactions on what the credit union calls “robust” eTTA machines that operate exactly like a teller.
Via the machines, members can make auto and personal loan payments, cash withdrawals in $1, $5, $10, $20, $50, $100, transfer within evolve accounts and make additional transactions. The first micro-branch opened Oct. 31st, with two more opening this quarter.
According to the $353-million evolve FCU, the micro-branch strategy reflects a change made to its business model in 2015 to seek greater efficiencies, including by reducing its physical footprint, and then to return the reduced operational costs to members.
“With this change came the birth of their membership plan which is divided into four tiers. Basic, Plus, Platinum and Diamond elite,” the credit union said.
The change has also led to the payout of a patronage dividend at the end of the year, as well as a high yielding “ePriority” checking account.
The credit union has approximately 17,000 members. It reported $1.534 million in net income through the first nine months of the year.