The Tuscaloosa, Ala.-based, $582 million Alabama One Credit Union, which was placed under conservatorship by the Alabama Credit Union Administration on Aug. 27, 2015, installed ATMs and cash recyclers as part of a series of technological enhancements.
The ACUA allowed Alabama One to make to make a significant commitment to improving its technology infrastructure, Alabama One said, adding that its goal is to improve the credit union's branch and mobile banking channels this year.
The new and improved ATMs (pictured), which now take cash and check deposits, replaced Alabama One's aged, existing ATMs at each of its 14 locations and have already generated positive feedback from members, according to the credit union. Additional technology improvements included driver's license scanners, the expanded use of cash recyclers, and debit and credit card instant issuance machines.
In the near future, Alabama One, which serves some 60,000 members in 21 counties, said it plans to deploy the next generation of its internal network design by upgrading to a new digital banking platform and installing a new telephone system with improved voice, messaging, mobility and contact center functionality.
In August 2015, the state regulator placed the credit union into conservatorship after determining credit union officers and employees approved insiders' loans on preferential terms and conditions, falsified loan information for insider auto loans and accepted things of value in exchange for making loans, among other allegations.
The state regulator and the NCUA also issued a cease and desist order to replace the CEO, COO and chief lending officer in April 2015.
Since the controversies surrounding Alabama One began more than two years ago, members, employees, state regulators and others have filed lawsuits claiming fraud, a hostile workplace environment, compliance and state law violations, conspiracy, breaches of fiduciary duties and the waste of corporate assets.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
