Benefits of the Credit Union Shared Branch Network
This is just a quick reminder about credit union shared branching. 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. CO-OP Shared Branching is the largest credit union shared branch network. It has nearly 5,000 nationwide branch locations. The CO-OP Shared Branching website has a search tool where you can check to see if your credit unions participate.
It’s surprising to see that many people still don’t know about shared branching. In fact, my brother was one of them. Over the weekend I wrote a check to my brother for some money that I owed him. On Monday he was going to drive 30 miles to deposit the check into his credit union. By using the CO-OP Shared Branching website, I was able to determine that his credit union participates in shared branching. In addition, there’s a credit union less than a mile from his house that also participates. After I informed my brother of this, he was able to quickly deposit the check at that nearby credit union.
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.
When you go to a credit union that’s on the shared branch network, remember that you’ll need the credit union name, account number, and a government ID. One downside is that there are often limitations on the amount of money that you can withdraw.
Also, it’s important that you check with your credit union to see if it has any charges for when you use a shared branch. One example is Apple Federal Credit Union. It charges members $3 for shared branch transactions (waived for members with Advantage or Investors Checking).
Unfortunately, some of the largest credit unions don’t participate in the shared branch network. These include Alliant, PenFed and Navy Federal. This does save them money which they can use to pay higher interest rates. However, members do lose some convenience.
is part of the CO-OP ATM network.
is part of the CO-OP Shared Branching network.
Alliant is listed in the Credit Union Service Centers list because they used to have a branch in Hawaii, but closed it, and in deference to the members that live in Hawaii allowed them to use CUSC locations in Hawaii. In order to do this, they have to be a "member" of CUSC, but they do *NOT* allow anyone to use CUSC's located on the mainland.
is part of the CO-OP ATM network.
(but not part of the CO-OP Shared Branching network)
I live roughly 600 miles distant from Chicago. I often need to deposit checks into my Alliant savings account. I go into my local CU, which definitely is not Alliant. I use their ATM, which is on the CO-OP network, to make my Alliant deposit. This is something I do all the time. Most recent time I did this was last Saturday. There is never a problem, and Alliant pays me interest from the day of deposit. There is no charge for this service from the local CU or from Alliant.
That's all I know. Whether what I do constitutes shared branching, or not, I don't know.
Be careful on the ATMs here in Colorado Most 7-11 have COOP ATM some of the franchise one do not. Those are mostly like the Conoco 7-11 which are not the same as a regular 7-11.
And for members of their own credit unions they don't have to close their account when they move locations. They can search online what is the nearest credit union in their location and call them if they participate shared branching with your own credit union so you can save time traveling and you know where to go.
They can let it stay open, specially when it earns good interest. But the downside is they can only withdraw cash on whatever's the limit of credit union they doing the transaction, but you can always request ahead if you plan to withdraw cash $500 or more by doing it personally or a courtesy phone call stating your name and your credit union and don't forget to leave a callback number. Another option is, they can open an account locally and do transfers if they like in that way they can let their money run around without any hassles :)