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At a shared branch, you may deposit money or make a loan payment.
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Many local credit unions are part of the CO-OP Shared Branch and ATM networks.
If you visit a shared branch or ATM, you can do different types of transactions.
You’ll need your account number, credit union name, and ID to conduct transactions at branches.
You don’t have to look exclusively at national banks if your priority is finding a financial institution that has a large branch or ATM network. Some credit unions belong to shared networks, which provide access to thousands of ATMs, branches, or both.
Here’s everything you need to know about shared branch credit unions.
What are shared branches?
If you see that a credit union has shared branches or ATMs, this means it’s part of a network of credit unions that have come together to share locations and services.
Credit unions that are part of a shared branch network allow members to conduct transactions at other credit unions. Similarly, credit unions with shared ATMs let you visit other institutions’ ATMs without being charged out-of-network ATM fees.
“A shared branch network allows credit unions to become competitive with other financial institutions that might be nationwide because it allows us to have that many more branches than we actually are capable of having,” explains Tanya Romero, Chief Operation Officer/SVP of Guadalupe Credit Union.
Guadalupe Credit Union is a local credit union with seven branches in Texas. But since it’s part of the CO-OP Shared Branch network — a nationwide shared branch network — members also have access to over 5,500 branches at participating credit unions. Credit union members at Guadalupe can visit over 30,000 surcharge-free ATMs in the CO-OP ATM network.
Quick tip: You can use this search tool to see if a credit union participates in the CO-OP Shared Branch and ATM networks.
What can you do at shared branches?
Kathy Snider, SVP, Engage Products, for CO-OP Solutions, says credit unions participating in a shared network follow a set of rules and guidelines around how they’ve agreed to support each other’s members.
“It’s very safe. We have broad protections in place that are monitoring the network,” adds Snider.
If you visit another credit union in a shared branch network, you can do any of the following:
Transfer funds to another accountDeposit moneyWithdraw moneyMake a withdrawal Make a loan payment
Note: At shared branches, you won’t be able to open new bank accounts specific to your credit union.
While you can do many of these types of transactions through mobile or online banking, Romero points out that offering more locations can be beneficial for anyone who may not have access to or the ability to use technology.
For example, people with disabilities may often face accessibility issues with online and mobile banking due to economic and geographic barriers. However, additional brick-and-mortar locations allow people who struggle with these barriers to still have access to banking services if they are traveling or moving to a new location.
What to keep in mind if you visit a shared branch
When visiting another credit union in a shared network, you must have your ID, account number, and credit union name in order to get banking services.
You’ll need to be mindful that each financial institution has its own limits. For example, if you would like to withdraw money from another credit union’s ATM, consider checking the ATM withdrawal limit online or calling the bank’s customer service.
Depending on the financial institution, you also might have to pay fees for certain services. For example, some credit unions charge a fee for a cashier’s check, while others may not.
Romero also says you’ll want to bear in mind certain transfers at shared branches may take time to process. If you want to deposit a check, you’ll want to ask your credit union if there might be a temporary hold for the transfer.