News

Number of CashWorks locations jumps 15% in two months

November 17, 2004

DALLAS - CashWorks, Inc., a GE Consumer Finance company, now operates in more than 3,100 locations nationwide, a 15 percent increase since mid-September, according to a news release.

The CashWorks program provides the unique ability to quickly approve new customers for check-cashing and bill payment. Kiosks provide users step-by-step instructions. CashWorks' Central Decision Engine, a proprietary software and system, can approve transactions for first-time users in minutes. Once a customer is enrolled, transactions typically take less than a minute. The system uses PayPort POS technology, created by CashWorks.

"Eighty million underserved Americans are looking for a place to cash their payroll or government-issued checks, or pay their bills," said Will Sowell, general manager of CashWorks. "There is an incredible need in this segment for the most fundamental financial services. This pent-up demand is what's fueling CashWorks' rapid growth."

According to research conducted by CashWorks, 81 percent of consumers using the service for the first time say they will return to the same location to cash checks in the future. More than 60 percent of users are repeat customers.

With CashWorks' card-based solution, customers receive their funds on a CashWorks prepaid debit card. Customers then have the flexibility to convert all or a portion of their funds immediately to cash at an ATM. CashWorks cardholders can access their funds at ATM's, as well as use the card for store purchases anywhere that has PIN-based debit capabilities.

In September, regulatory approval was granted allowing CashWorks, Inc. to become an operating subsidiary of federal savings bank (FSB) GE Capital Consumer Card Co. The approval, issued by the Office of Thrift Supervision (OTS), has enabled expansion of the CashWorks' operating region to all 50 states.