One way credit unions can compete with the large banks is by belonging to ATM networks and the shared branch network. ATM networks can give credit union members access to surcharge-free ATMs around the nation. A shared branch network allows credit union members to conduct many banking transactions at participating credit union locations within the network, just as if they were at their home branch.
The three main ATM networks for credit unions are theCO-OP Network(owned by CO-OP Financial Services),Credit Union 24andAllpoint(owned by Cardtronics).
For shared branch networks, there used to be two main networks, the Financial Service Centers Cooperative (FSCC) and CO-OP Shared Branching. However, in2012FSCC was merged into CO-OP Shared Branching. So now CO-OP Shared Branching is really the only nationwide credit union shared branch network. It has nearly 5,000 nationwide branch locations. You might find a few other smaller ones. TheXtend CU Shared Branchhas 190 locations nationwide with most in Michigan, Ohio and Indiana.
According to thisCredit Union Times article, in 2013 we will "see an increased deployment of shared branching as well as a rising profile for this service." This is good news for savers since shared branches can make it easier to fund CDs and move money around. I experienced the benefits of shared branching in 2011 when I was a beneficiary of a CD from a credit union that was part of the shared branch network. When I closed the CD and received the check, I was able to immediately deposit the check into my own credit union which was also part of the shared branch network.
To find out if your credit union is part of the CO-OP Shared Branch Network, refer to theCO-OP Network search tool. This will also let you know if your credit union is part of the CO-OP ATM Network. You can also use the search tool atCUServiceCenter.comto see if your credit union participates in shared branching.
