"One reason I left the government was because I felt I could accomplish more by working from the outside than the inside," Goldenbroit said. "We have lost thousands of small credit unions and I see these relationships with check cashers as one way the smaller credit unions can keep going."

Goldenbroit says the potential could be enormous as members of small CUs are both able to use the check cashing outlets for making their own deposits and will recommend the CU to family members who will be drawn to the additional convenience.

And when Goldenbroit says small, he means small. He uses as an example the $113,000 Queens Cluster credit union, a credit union of just 114 members that serves 10 churches in the Queens section of New York. Establishing a link with check cashers would begin to allow the credit union to functionally expand its reach among the congregants of the 10 churches, Goldenbroit argued, and this in turn would help the CU to consolidate its position and grow.

He said he is further energized because the NCUA has money available beginning in mid-September in its Technical Assistance Grant program for credit unions that are designated low-income. These CUs can use the funds to purchase the software package, which the CUs need to participate in the check casher program.

Low-income CUs have until October 20 to apply for up to $3,500 each in the grant program's Building Internal Capacity Initiative, which they can use to buy the software package, Goldenbroit said.

"I am hoping as many low-income New York CUs as possible read this so that they can know to apply," he said.

Goldenbroit's job is complicated because he is charged with not only selling the idea of working with check cashers to New York CUs but also to further reinforce the idea of working with credit unions to New York check cashers.

Goldenbroit said it costs about $2,000 per check cashing outlet to buy the terminals needed to be able to offer the deposit taking service. While the amount is relatively low, he said some check cashers remain skeptical the investment will ever pay off.

"What I keep telling them is like from the baseball movie," Goldenbroit said. "'If you build it, they will come.'"

Ironically, one of the CUs that Goldenbroit has been in discussion with lately is not a small CU, but one of the state's largest ones. In the fourth quarter of 2004, the $2.3 billion Bethpage Federal Credit Union was fairly close to inking a deal to join PayNet, only to back out after it launched a reorganization of its back office. Now, Goldenbroit and other sources familiar with the effort say that the CU is again considering getting involved.

Goldenbroit noted that Bethpage's interest indicates that while establishing a relationship with check cashers would benefit small CUs in a particular way, all CUs stand to benefit by expanding their service footprint by working with check cashers. "This is a real way to bring a key part of CU service to many more CU members," Goldenbroit said. –[email protected]