Members of a credit union that thus participates in shared branching can use the services of any other credit union inside the shared branch credit union network. Co-op Solutions, previously known as Co-Op Financial Services, claims to operate the only nationwide shared branch network, which includes several credit unions. There are around 5,000 credit unions in the United States, and over 1,850 are part of the shared branch network. About 5,700 shared branches may be found in all 50 states for members' convenience. Co-op Solutions' shared branching services allow it to reach 62 million credit union members. Discover whether your credit union is a member of the Co-shared op's branching network by using their online branch finder.
How Can A Shared Branch Credit Union Be Utilized?
It would be best to determine whether your home credit union is part of a sharing network before utilizing a shared branch credit union. For instance, Co-Op Solutions streamlines this operation. You may use the site's shared bank and ATM finder to identify credit union shared branch in your area. You may visit a shared branch in person to handle your account needs once you locate one. Please bring an appropriate form of picture identification with you. It's also a good idea to have your phone number and the remaining four digits of your Social Security number handy. You'll also need your credit union's name as well as your account number. A credit union with a shared branch is similar to a member's home credit union. That allows you to access your funds and account balances through the ATM.
What Services Are Offered At A Shared Branch?
Credit unions with shared branches often offer the same products and services as the credit union branch closest to your house. If you have questions regarding the activities that are allowed at a shared branch, how to use a shared credit union branch you can look up the services that are permitted on the websites of the credit unions. The following is a list of some of the important work that can be done by the utilization of shared branching:
Withdrawals And Deposits
In a shared branch credit union, members may make deposits and withdrawals at any of the credit union's branches. That's helpful for those who need to make bank deposits or withdrawals quickly. If you'd rather not wait for the mobile deposit to complete, you may always make deposits at a physical location. (And for anyone concerned about the security of mobile deposit, the answer is "absolutely.")
Transfer Funds Among Accounts
With shared branching, customers may transfer funds easily across their accounts. Consider opening a checking account through your bank or a money market account with your credit union to access some of your funds. Can funds be transferred from one bank to another through shared branching? Assuming you have accounts at many credit unions. Linking the external account allows you to plan an ACH transfer or wire transfer through your credit union to a financial institution that is not a member of the shared branch network.
Make Your Loan Payments
Members of a credit union have access to shared branches where they can conduct business on a variety of loans, such as auto mortgages, loans, personal loans, and other types of loans. You are going to need the loan number in order to make a payment. If you have membership to a community bank that uses shared branches, you will be able to make your payments on time.
Conclusion
When two credit unions share a branch network, they enable their members to do business at each other's locations. This is known as "shared branching."For instance, the over 30,000 surcharge-free ATMs, yet more than 5,600 shared branches in the United States are available via the Co-Op Shared Branch administered by Co-Op Solutions. Credit unions throughout all 50 states are connected via this common branching network. When it comes to banking, having the option to do it in many places is a huge convenience. Suppose your "home" credit union (the credit union where you keep your accounts) participates in a shared branching network. In that case, you may use any credit union that participates in that network to access your accounts. For this mutual aid system to work, membership in more than one credit union is optional.
