Do All Credit Unions Work Together? And How?

Credit unions often engage in extensive collaborative networks to serve their members. These networks allow individuals to manage their finances beyond the physical locations of their primary credit union. This cooperative approach provides a broader reach for services, enabling convenient account access across various regions. The unique structure of credit unions fosters this collaborative environment, setting them apart from other financial institutions.

The Cooperative Foundation of Credit Unions

Credit unions are distinct from traditional banks because they are not-for-profit financial cooperatives owned by their members. This ownership structure means earnings are typically reinvested into the credit union through lower fees, better interest rates on savings, and more affordable loans. The “people helping people” philosophy encourages collaboration among institutions.

This cooperative principle extends to the broader industry, benefiting members across participating institutions. Unlike banks, which focus on generating profits for external shareholders, credit unions prioritize the financial well-being of their member-owners. This member-centric model leads to shared services and networks, enhancing convenience and accessibility for individuals regardless of their specific credit union affiliation.

Shared Branching Networks

Shared branching allows credit union members to conduct in-person transactions at thousands of participating credit union locations nationwide. The CO-OP Shared Branch network, for instance, encompasses over 5,000 branches across all 50 states. This service enables members to perform a variety of transactions, including:

• Making deposits
• Withdrawing funds
• Cashing checks
• Transferring money between accounts
• Making loan payments

To utilize a shared branch, members typically need to provide their home credit union’s name, their account number, and a valid government-issued photo identification. Some locations may also require identity verification for enhanced security. Members can locate nearby shared branches through online locators, mobile applications, or by texting their zip code to a designated number.

Credit Union ATM Networks

Credit unions often participate in extensive ATM networks that provide members with surcharge-free access to their funds. Networks such as the CO-OP ATM Network and Allpoint allow members to use ATMs belonging to other participating credit unions or even certain retail locations. The CO-OP ATM Network, for example, offers over 30,000 surcharge-free ATMs, including those at various retail outlets like 7-Eleven, Costco, and Walgreens.

These networks facilitate common transactions such as cash withdrawals, balance inquiries, and deposits. The availability of surcharge-free ATMs across a broad geographic area enhances convenience for members. Members can easily find in-network ATMs using online locators on credit union websites, dedicated mobile apps, or by looking for the network’s logo displayed on the ATM itself.