COK sodality introduces new ATM

COK Sodality Co-Operative Credit Union is investing millions of dollars rolling out full-service automated teller machines (ATMs) across the island.

The credit union has already launched one of its new Diebold ATMs at its Portmore, St Catherine branch and will open another on Slipe Road, Kingston, this week. The two ATMs combined cost the company some $6 million, said COK’s CEO, Jacqueline Mighty.

“We have gone on to the Diebold machines, which are more sturdy and offer a lot more flexibility in terms of what the ATM can provide,” Mighty said on Friday as the company prepared to hold a launch ceremony in Portmore.

In addition to the regular withdrawals and deposits, COK customers will be able to use the ATMs for ‘top-ups’, loan payments and other services at a later date, Mighty said.

“Over time, we want to use it as part of our expanded services to our members,” she said. “The (additional) options are not there immediately, but it will be done before the end of next year.”

COK will instal two more ATMs early next year, said Mighty. The roll-out will allow the company to become more efficient as it frees up its banking hall, while offering members increased access.

“What we are trying to do is put other services in (the ATMs) so members can benefit,” she said, adding, “We also want to put machines where we don’t have branches in high-traffic areas, so members can have access to our services.”

COK reported a surplus of $50.2 million in 2011, a turnaround after three consecutive years of losses.

The performance beat expectations and was achieved by holding operating costs to two per cent over 2010 — significantly below the inflation figure of seven per cent reported for 2011, improvements in realised trading gains on investments, and keeping a sharp focus on debt management, which resulted in the recovery of over $77 million from bad debts previously charged or written off, said the company.

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COK sodality introduces new ATM