You may already be aware that a Credit Union is a popular banking option for many because of its community involvement, low rates and non-profit status.
Thanks to the Co-op network of shared branches, credit unions can also have a national footprint. You can access thousands of locations if you are a member at a credit union participating in shared branching.
What is a Shared Branch of a Cooperative?
Shared branches are credit unions where other credit unions’ customers can do their banking. 2 Your home credit union can be part of this network and you can make in-person payments, withdrawals, or other transactions at any branch.
The Co-op network has nearly 6,000 branches nationwide, more than Chase Bank or Wells Fargo. 2 3
Credit union members can access almost 30,000 ATMs in credit union branches, convenience shops, and other locations, without paying a surcharge.
Shared Branch Activities & Limitations
Shared branching allows you to manage your credit union accounts at any branch that participates. You can perform the following banking tasks at a shared branch.
- Deposits & withdrawals: Visit the branch to perform basic transactions, such as depositing cash or checks and withdrawing cash. Avoid ATM fees by visiting a branch that is conveniently located.
- Transfer money between accounts: Move funds from your savings to a checking or saving account, so you can have available funds for payments .
- Check the balance of your account: See how much money is in your account, whether it’s available to spend, and what transactions have cleared. You might even be able see a list of recent transactions.
- Paying loans: When your due date for payment is near, you can make an instant payment to avoid late fees, damage to credit score and other penalties.
Note:
If you are able to do additional transactions, they may require a small fee. You might be able, for example, to purchase money orders or cashier’s check at a shared location.
There are limitations to using a shared bank. If you visit a shared branch for the first time, you can’t create a new account. Find out if you’ll be restricted to $500 withdrawals or if there will be additional hold time.
You may also be charged fees if you use a branch that is shared. This helps the bank cover costs related to participation in the network. You can avoid being surprised by checking the fine print for both your home branch as well as your shared branch. Call the credit union in advance to determine if there are any fees associated with your transaction. 8
How to Use a Shared Branche
It’s easy to use another credit union branch.
- Find a shared branch of the Co-op using the locator or the app. You can also call 888-748-3166.
- Bring valid government issued identification with you when you visit the branch. Examples include a passport or driver’s licence.
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You can ask the staff of the credit union where you are visiting how to use the shared branching. You may be required to use a specific deposit or withdrawal slip for shared branching members.
Note:
Grab a few extra deposit slips if you visit the credit union regularly so that you can plan your next transaction in advance.
Benefits of Credit Union Branching
You can access a large number of Co-op branches. Shared branching is a great way to access a large number of locations.
You may want to consider using shared branches for the following reasons:
- Travel You can use a Cooperative shared branch in most of the U.S. and some foreign locations. This allows you to avoid ATM fees when on vacation or at school.
- Moving You don’t have to switch banks if you move. You can continue to use the old account by finding one or more convenient shared branches.
- Emergency: If you live in a region where natural disasters can make traveling difficult or if forced to evacuate your home branch, shared branches will allow you to maintain your finances even if your home branch is not accessible.
- Convenience Your credit union may be out of reach when you are running errands, or avoiding traffic. You don’t need to visit your local credit union branch to deposit a check.
Note:
You can work with a credit union online or by phone to get services that are not available at a shared branch.
You’ll have to contact your primary credit union if you wish to open a checking account for business or get a loan. You can withdraw and deposit money (or pay for loans) in a shared branch once you have opened the account.
Credit Union or Bank Branch?
Credit unions are a great option for many reasons. Credit unions are not-for profit organizations owned by their members. They offer competitive interest rates on deposits and loans.
Shared branching allows more credit unions to compete against national chains banks in terms of convenience and accessibility, giving you a wider range of options for your banking needs.
FAQs (Frequently Asked Questions)
What is required to use a shared branch of a tree?
Credit unions have shared branches that are convenient for most transactions. You can withdraw and deposit money, pay loans and check your account. You’ll need your account number and credit union name to use these services in a shared branch .
What are the advantages of using a Credit Union?
You become a part owner and a member of a credit union when you join. This allows you to receive the best possible customer service. You can also enjoy lower fees, better interest rates and the convenience of a shared branch as a credit union member. Joining a credit union has many benefits. Do your research before joining a credit union.
