Sharing has its rewards. Not just in life, but in payments and for credit unions, too
Consider the shared branching model, which has been taking shape for years and recently passed a milestone of scale. As noted in early August, CO-OP Financial Services’ CO-OP Shared Branching network stands as the second largest network in the U.S., approximately 500 branches behind Wells Fargo. CO-OP said in a release that it boasts more than 5,600 shared branch locations and several hundred self-service express terminals nationwide.
That puts the CO-OP network ahead of Chase and Bank of America, with respective branch counts of roughly 5,560 and 4,860. All told, the company estimates 1,800 of the 6,000 credit unions located across the United States share their branches, while CO-OP also offers CO-OP ATM, a nationwide network of roughly 30,000 surcharge-free ATM machines.
CO-OP Shared Branches allow a member of one credit union to do business across other cooperatives, in effect giving that member access to branches across the nation.continue reading »