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U.S. Bank's check cashing program hits Denver
September 10, 2007
FORT WORTH, Texas - Valid Systems, a check-cashing and verification solutions provider, announced that U. S. Bank is expanding its check cashing program through Valid's banking application to all 62 of its locations in the Denver market.
"Our Colorado Springs pilot has shown that the underbanked market is both promising and diverse," said Chuck Tufts, executive vice president and director of retail services for U.S. Bank. "We plan to offer check cashing in all branches to attract new customers and better meet their immediate needs. Our experience with Valid's solution has been tremendously positive, and we look forward to working with them closely as our check cashing program continues to expand."
U. S. Bank began piloting VALID's check cashing system in all of its Colorado Springs branches in January 2007, focusing on suburban customers. Initial results included high customer, employee and market-manager satisfaction, with more than a 50 percent increase in transactions from the first to the second month, and almost 50 percent repeat transactors by the third month. Branches saw an increase in new account openings by the second month of the pilot, in line with its strategy to capture young customers with check cashing service while they are still underbanked, then migrating them to more traditional banking products. As of mid-April, 57 percent of customers enrolled in the program were 18 to 29 years old.
Transaction ProcessingUnderbanked / UnbankedOtherNorth AmericaBanking Executive SummaryBank / Credit Union
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