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What Is a Shared Branch Credit Union?
Money SmartsMay 20, 2024
Did you know that you can access certain services from your credit union at thousands of locations across the U.S.? Through the CO-OP shared branch network, credit union members have access to more than 5,600 branch locations and nearly 30,000 ATMs nationwide, in addition to locations overseas.
Read on to learn more about shared branching.
What Is a Shared Branch Credit Union?
When your credit union is part of the CO-OP shared branch network, you can visit another credit union within the network and complete transactions, make withdrawals, transfer money, print your statement, and check your balance – just as you would at your local branch.
For example, if your local credit union is based in Chicago and you’re visiting New York City and need to access an ATM or make a deposit, you can download the CO-OP ATM and Shared Branch Locator app (available on iOS and Android) to find a credit union in your network nearby. Or you can text your ZIP Code to 91989 and you’ll get a text back that shows the in-network ATMs and credit union service centers near you.
When visiting a CO-OP shared branch location, just show your account number and identification to gain access to services.
What Are the Benefits of Shared Branch Credit Unions?
Aside from having access to other credit union branches, another benefit of the CO-OP shared branch network is the ability to use thousands of ATMs without paying any fees. There are even select ATMs in convenient locations such as Costco, Dunkin Donuts, 7-Eleven, and more. In addition to the more than 30,000 ATMs located in the U.S., you can access 117 ATMs across 10 countries free of charge.
It’s a common misconception that accessing credit unions isn’t as convenient or easy as accessing services at large banking institutions. With access to 5,600 locations across the U.S., the CO-OP shared branch network offers access to more brick-and-mortar locations than many big banks. That means you won’t have to travel as far if you need to visit a branch in person, saving you time and effort.
According to the CO-OP, 62 million members across 1,688 credit unions in the U.S. can access the shared branch network – that represents approximately half of credit union members nationwide.
Increasing Access to the Credit Union Movement Across the U.S. and Beyond
With shared branching, credit union members enjoy the flexibility of conducting their banking needs across the country, and even internationally – providing more access to branches and ATMs than many large banking institutions. With half of U.S. credit union members benefiting from this network, shared branch credit unions exemplify how cooperation can enhance member service and convenience.
Shared branching awareness week is May 20 – 24. Download the CO-OP ATM Shared Branch Locator app or text your location to 91989 to find a location near you today.