What Is a Patriot Bond and How Does It Work?
How to Open a Checking Account Online
What to Look for in Prepaid Debit Cards
Money Market vs. Checking Account: How Do They Differ?Understanding the Credit Union Shared Branching Network
Credit unions are a solid alternative to traditional banks, but limited branch locations can be a concern. Shared branching addresses this issue by allowing members to access services at credit unions that are part of the same network. Here’s more about how shared branching works and how to find locations near you.
What is shared branching?
Shared branching allows you to complete various everyday banking activities at credit unions other than your own, as long as they are part of the same network. The CO-OP network, which has more than 5,600 shared branches and more than 30,000 surcharge-free ATMs, was created specifically to address the concerns of credit union members who wanted more convenient branch access.
Here’s how shared branching works:
Let’s say you’re a member of Credit Union A, but after moving to a new city, you realize no branches are nearby. You check your credit union’s website and discover that the credit union participates in shared branching.
Using your credit union’s branch locator tool, you discover that Credit Union B, located in your new neighborhood, is part of your credit union’s shared branch network. The next time you need to access in-person banking services, you can visit Credit Union B, even though you’re a member of Credit Union A.
What type of transactions can you do at a shared branch?
You can make many financial transactions at a shared branch credit union, such as:
- Withdrawals
- Deposits
- Transfers
- Loan payments
- Account inquiries
- Money orders and cashier’s checks
However, the services available at shared branches can vary by location. For example, some branches may allow you to make withdrawals from your bank account but won’t cash checks on your behalf. Additionally, certain services — such as opening or closing accounts — are typically available only through your home credit union.
How to use a shared branch
Find a shared branch location
The first step is to check your credit union’s website or mobile app to see whether your credit union offers shared branching services. If shared branches are available, you can typically search for locations near you by using your credit union’s branch or ATM locator tool.
Keep in mind that some credit unions are part of shared networks only for ATMs, while others offer access to both shared branches and ATMs.
You can find out whether your credit union is part of the CO-OP shared branch network by entering your credit union’s information into CO-OP’s branch locator.
Understand the requirements
To complete transactions at a shared branch, you’ll typically need to provide a government-issued form of ID, the name of your credit union, and your account number or member ID number. If you’re unsure of what you need, contact the shared branch.
Benefits of using a shared branch
The main advantage of credit union shared branching is that it makes in-person banking services more widely accessible. In some cases, a shared branch network can give you access to thousands more physical locations than you would have otherwise.
Shared branching is particularly valuable if your credit union has limited branches near your home or workplace, or if you relocate and haven’t had a chance to establish a banking relationship in the area.
However, it has some drawbacks, including potential fees, which vary by credit union and type of transaction. For example, basic deposits and loan payments are free at some shared branch credit unions, while more complex transactions, such as issuing cashier’s checks, may incur fees. Also, the type of transactions you can make at a shared branch may be limited.
What credit unions have shared branching?
Credit unions that participate in a shared branching network include: