Magazine article American Banker

Minneapolis Thrift Opens Fully Electronic Branch Office

Magazine article American Banker

Minneapolis Thrift Opens Fully Electronic Branch Office

Article excerpt

CHICAGO -- A Minneapolis thrift hopes to cash in on what college students want in bank services -- quick and easy access to their cash.

Automation and electronics provide fast access to bank accounts, and Twin City Federal Savings and Loan Association is using that technology to link college students to their accounts. Twin City this week opened a fully electronic branch office near the University of Minnesota campus.

"Customers there are interested in price, convenience, and speed, and that's why they're going to get," said Robert E. Evans, a Twin City executive vice president.

The automated facility is the first of its kind in Minneapolis-St. Paul area, according to Twin City. Twin City already has several automated teller machines in the area, but the new facility also will have account representatives at select times.

If the electronic facility becomes popular, as Twin City expects it to, it will be expanded, and similar facilities will be opened, Mr. Evans said.

The facility is open 24 hours a day, seven days a week, with cash dispensed by ATMs. It is stffed by a Twin City account representative only on a limited basis. Extra staff will be added at the start of each university academic quarter, when new students arrive and new accounts are in demand.

Twin City also issues ATM cards as soon as students open their accounts; most institutions require a waiting period before issuance. Another difference at this particular facility is that names are not embossed on ATM cards. …

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