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Shared Branch (Coop Network)

Anon456
  |     |   249 posts since 2011

I followed the lead from another member who posted about doing a TRANSFER via shared branch. Turns out to be a perfect option in my case.

Previously, I had only done deposits. I never had thought about just doing a transfer from a maturing CD at one shared branch, into my share at another shared branch. WORKED PERFECTLY. In and out done in minutes.

Purpose of this post is that I did a bit of work in advance. I called the holder of the maturing CD to explore my options. Of course, they always say to wire ( fees of $20-$50 depending), or to use US MAIL out a check. I have also done transfers out via ALLY BANK using ACH initiated at ALLY. But that can still take a day or two into ALLY, and then another one or two days back out.

The transfer worked perfectly, but be reminded that each credit union may handle Shared Branch differently. At first, this one told me it was limited to $2500 daily ( ..... that was wrong, and probably she was thinking of ACH limits). She also told me it was the policy of the Shared Branch and the Shared Branch agreements. That was also wrong. Shared Branch most likely has NO limits on amounts in the process, but sending or receiving credit unions MAY have imposed limits. There also may be an issue of the coding. If a withdrawal, as in CASH, it may be limited, but TRANSFERS may go through with NO restrictions.

So take away is this:

1) Shared Branch themselves probably have no limits for a transfer

2) check with sending and receiving credit unions to make sure they do not have limits for TRANSFER between credit unions using Shared Branch.

I thought this might have a few hiccups, but went through with NO PROBLEMS. Was over $100K.

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9


me1004
  |     |   1,381 posts since 2010
I did a transfer like you are describing some years back, between two CUs using a third shared branch CU. They were going to charge me $5 to issue a check for the withdrawal, and then I would hand it back to them to deposit in the receiving CU. I pointed out, I don't need a check, rather than give that money to me, deposit it in the receiving CU -- and no check, no $5 owed. The $5 is for issuing the check, not for the transfer. They said oh, yes, I'm right, and did it. No charge. My transfer was for a pretty large sum.

Is that what you did, or did you pay $5 for a check?

Re limits, cash withdrawals are generally limited to $500, anything more must be taken by check. That's the standard under the rules of the shared branch system, and I haven't come across any that will give any more in cash.

I also have not come across any that will not withdraw a large amount,not that I've done a lot of that -- generally, its a check, not cash, so they can bounce it if there is a problem later, no reason not to issue it if all checks out fine at time of withdrawal. And the cash is coming from another CU.
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Anon456
  |     |   249 posts since 2011
I did as you described ..... transfer, no check, and no expense at all. Great thing to remember if both CU are Shared Branch. No WIRE, ACH, or checks required.
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newuser11
  |     |   13 posts since 2019
I tried a shared branch electronic transfer at 2 different 3rd party CUs in person. Both refused. (even though the original credit union said I could...that they had no limitation)

One was willing to hand me $67k in cash and let me deposit it. They other would not even allow that. Neither would write me a check.
How one could justify handing me cash but not writing a check boggles the mind.

I had to come home and pay $15 to wire it.
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Anon456
  |     |   249 posts since 2011
I would note that ..... and try hard not to do business with STUPID organizations. I see stuff all the time, based on "Policy", but actually makes no sense. I try to get that message up the food chain, but I doubt it really goes very far. Not sure how it is that so many places have procedures in place that apparently no one who thinks ever reviews them.
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me1004
  |     |   1,381 posts since 2010
Yes, I agree, that CU is just stupid, does not even understand the rules. What is even more shocking is finding out that the CEO does not understand the rules, yet is setting policies and getting very well paid to not know what he/she is doing.

But, too, I have to think someone misstated things. I highly doubt the CU even had $67,000 in cash on hand -- smaller places do not keep that much on hand, if you want amounts like that, you have to basically order it for them to get the money in. They deal in checks and paperwork, not mountains of cash to lure robbers.

Could there have been a communication problem with that transaction? Maybe there did not mean to actually hand over the cash and then you give it back? Maybe they meant that was just the effect of what they were doing, and so the transfer.

And the shared branch system is the one that sets the $5 fee for a check -- that is the maximum allowed, they don't actually have to charge it, but I have not come across any that don't. Generally, they make you take and pay for a check for any amount over $500.
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