Understanding Shared Branching: A New Network of Convenience
Imagine being able to conduct your banking transactions not just at your own credit union, but at various branches all across the country, just like having your favorite café on every corner. This is the magic of shared branching! When your credit union is part of a shared branching network, members gain the ability to visit other participating credit unions' branches and enjoy the same services they would at their own.
The Power of Co-op Solutions
One prominent player in the shared branching arena is Co-op Solutions, which boasts the title of the nation's only national shared branch network. It connects over 1,600 of the approximate 4,600 federally insured credit unions in the U.S. This expansive network allows access to around 5,600 branches spread across all 50 states! Through Co-op Solutions, an astonishing 62 million credit union members can benefit from these cohesive services.
Check Your Credit Union’s Network Participation
You might be wondering if your credit union is in on the action. Simply use a handy tool to determine if your credit union participates in the shared branching network. While alternative networks exist, their reach may not match that of Co-op. Note that some credit unions can be part of both the Co-op shared branch network and their ATM scheme, which features 30,000 fee-free ATMs, while others may only partake in one or the other.
Services Offered at Shared Branches
When you step into a shared branch of your credit union, the possibilities are vast! Members can easily access a wide range of services just like they would at their home credit union, including:
What You Need for Transactions
To navigate a shared branch successfully, you’ll need to bring along a few essentials:
Limitations to Keep in Mind
While shared branches offer a plethora of conveniences, they do have some limitations. For instance, you can't initiate new accounts or open retirement accounts during your visit. Keeping these boundaries in mind will help streamline your experience.
The Advantage of Shared Branching
Shared branching is ideal for individuals seeking the excellent rates and low fees typical of credit unions, yet craving the traditional conveniences offered by larger banks. This service is particularly beneficial for those who may have joined a credit union in a different town or are constantly on the move, needing access to branches and ATMs while traveling domestically.
Explore Your Options
Most credit unions today are part of shared ATM networks and/or the Co-op Solutions shared branching. If you're contemplating joining a credit union that offers these perks, be sure to explore various reviews and listings to find the right fit for your financial needs.
