ORLANDO, Fla. - Palm Desert National Bank has signed a deal with Portland, Ore.-based financial services provider Vero to provide Vero's automated check-cashing solution at all three of its California bank branches in 2006.
According to a news release, PDNB and Vero completed a six-month validation of the solution at the bank's La Quinta branch before approving bank-wide installation in the Coachella Valley.
Installations of the solution are expected to include 24-hour check-cashing at through-the-wall ATMs and at new teller-assisted enrollment and check-cashing stations at all three bank locations.
"PDNB can now minimize the fraud risk inherent in 'on-us'check cashing, while enhancing service levels for both our banked and unbanked customers," said Kevin McGuire, PDNB's chairman and chief executive officer. "Vero's solution is a strong new customer acquisition vehicle for us that will enhance our service to Valley residents."
Initially, PDNB selected its La Quinta branch for a pilot program as an added benefit for commercial banking customers who regularly provide paychecks to unbanked employees. By integrating the solution into each of its branches, PDNB will build on its commitment to providing unbanked consumers one-time enrollment opportunities and automated no-fee check-cashing.
In addition to automated check-cashing through a multilingual ATM interface, users will enjoy access to debit card capabilities and other value-added services, such as wire transfers and money orders.
"The automated Vero solution provides retail customers with a new and cost-efficient way to cash checks in their stores," said Sandra Hartfield, president and CEO of PDNB Electronic Banking Solutions, which manages or supplies more than $800 million in vault cash to more than 17,000 ATMs and advanced function terminals throughout the nation. "Our national network of customers is looking to us for self-service financial solutions that positively impact customer service levels, fraud risk reduction and store revenue."
