More Than 1,800 Different Credit Unions Unite to Form
Seamless and Secure Cooperative for In-branch Personal
For Release on August 2,
RANCHO CUCAMONGA, Calif. – The CO-OP Shared Branch network has passed Chase
in number of branch offices, making the credit union cooperative the second
largest network of financial institution branches in the country.
CO-OP Shared Branch now totals
5,671 physical locations. No. 3 Chase has 5,567 branches as of July 18,
according to FDIC figures. The credit union network added more than 400
branches during the past two years, when CO-OP Shared Branch surpassed Bank of
America. The network is less than 500 locations away from No. 1 Wells Fargo,
which has 6,150 branches.
“Shared branching is to credit
union members what Uber is to passengers looking for a nearby ride,” said Todd
Clark, President/CEO, CO-OP Financial Services. “It’s the best example there is
of why credit unions are different than banks – they share! Around 1,800 of the
6,100 U.S. credit unions share their branches. In addition, more than 3,000 are
part of our CO-OP ATM network. When you couple-in digital services, credit
unions offer a financial ecosystem that is convenient, accessible and a
positive force in communities.”
The shared branch network enables
members to enter the branch of any participating credit union and conduct their
business as if they were in their own home branch. In addition to member convenience
when traveling, shared branching offers credit unions revenue streams and
operational efficiencies, and a key means of retaining members who move. The
resulting profitability translates to ongoing investments in member benefits by
virtue of the not-for-profit structure of credit unions.
CO-OP Shared Branch is one of
three networks that CO-OP offers credit unions to comprehensively provide
account access to members. CO-OP ATM offers nearly 30,000 surcharge-free
machines nationwide to members, a network larger than any bank. In addition,
CO-OP is a credit union industry partner for Zelle, a financial
institution-led digital payments network allowing members to send money to
anyone with a U.S. bank or credit union account.
To find a CO-OP Shared Branch or a
CO-OP ATM visit https://co-opcreditunions.org/locator; or, download the brand new CO-OP ATM and CO-OP Shared
Branch mobile Locator app at Google
Play and iTunes
More information on CO-OP Shared
Branch is available here.
About CO-OP Financial Services
CO-OP Financial Services is a payments and financial technology company
whose mission is ensuring the success of the credit union movement by serving
3,500 credit unions and 60 million members. CO-OP payments solutions,
engagement services and strategic counsel help credit unions optimize member
experiences to consistently provide seamless, personalized multi-channel
offerings, while delivering secure, sophisticated fraud mitigation service. For
more information, visit www.co-opfs.org.