BECU has gotten out of the grocery store business in Snohomish County.
Or at least out of the stores physically.
The state’s largest credit union decided six years ago to move its 42 neighborhood financial centers from grocery stores to stand-alone storefronts.
BECU found that it just needed more space and making the move means these centers are increasing from 400- to 500-square-feet to 2,000-square-feet or larger, said Todd Pietzsch, the credit union’s spokesman.
“It’s a much more pleasant experience, there’s much more privacy,” Pietzsch said. “It’s a much better member experience.”
While there’s been a cost to the change — including higher leases — they’ve found that more people are joining the credit union, he said.
In October, BECU moved its last branch located in a grocery store in the county — a QFC in Canyon Park in Bothell — to one a couple of miles south to a storefront at 18333 Bothell Way NE, Bothell.
“Our first day open, we served 150 members and it went so great we had to double check that number because our QFC branch on a busy day would serve around 75,” said Brian Mills, manager at the new Bothell BECU.
BECU started as a credit union serving Boeing employees nearly 80 years ago.
Until 1990, the credit union only had one location at Boeing Field south of Seattle. BECU then moved to a six-story headquarters in Tukwila. In 1995, BECU added its Everett Financial Center at 11127 Evergreen Way in south Everett.
In 2002, the state loosened the rules on who could be a member of a credit union. So BECU started enrolling the general public. About the same time, Safeway got out of the banking business, but had space available in 28 stores in the Puget Sound area. The grocery store leased the spaces to BECU.
“It certainly made sense for us to grow and expand into those stores,” Pietzsch said.
The drawback was that the credit union found that these locations were small and some customers didn’t have enough privacy dealing with financial matters.
“In the QFC location, members were maybe five feet apart, so you could hear everything the members were talking about. But here the members are about 15 feet apart, and there is a nice big waiting area as well,” Mills said of the new Bothell location.
When moving from a grocery location to stand-alone storefront, BECU has attempted to place its in branches in the most convenient area for both those existing customers and new members as well, Pietszch said.
BECU has also been working to add cash-only ATMs in stores.
“We partnered with Rite-Aid to have surcharge free, cash-only ATMs in all Washington state Rite-Aid stores. Which is about 134 stores,” Pietzsch said.
“They are also part of the co-op network now as well which means if you are part of a credit union you will be able to use those ATMs for free as well.”
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