Shared Branching: One of Credit Unions’ Best Perks

Did you know credit union members have just as much access to in-person support as megabank customers? The reason? Shared branching.

What is shared branching?

About 1,800 of the country’s 7,000 credit unions belong to the CO-OP Financial Services shared branch network. Members have access to over 5,000 shared branches with locations in all 50 states. Members can complete most of their regular transactions at the branch as they would at their local credit union. CO-OP Financial Services also has a network of 30,000 fee-free ATMs. The participating credit unions are home to about half of all credit union members, about 50 million people.

What can members do at a shared branch?

You’ll be able to make deposits, withdrawals and transfers between accounts. You can also make loan payments and purchase money orders and traveler’s checks. For the most part, you won’t be able to open new checking or savings accounts, nor will you be able to open new certificates or individual retirement accounts. You could, however, open these accounts online on your credit union’s website and fund them at a shared branch.

Who benefits from shared branching?

Shared branching is best for people who want to hang on to the benefits of credit unions — strong rates and low fees — without giving up the conveniences offered by big banks. The service can be especially useful for people who joined a credit union in a town that they have since moved away from, or that might not be home for long.

Source: Nerdwallet.com

 

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