CO-OP SHARED BRANCH NETWORK PASSES CHASE, TAKES NO. 2 SPOT AMONG CONSUMER FINANCIAL INSTITUTIONS

by PaymentsJournal 0

More Than 1,800 Different Credit Unions Unite to Form

Seamless and Secure Cooperative for In-branch Personal Banking

 

For Release on August 2, 2017:

 

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 stores.

 

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.