Did you ever notice few golden arches or siren with green crown in every corner of the street, while walking through any city of the USA? There are many numbers of national banks of the country whose branches offer one of the great convenience with their credit unions.
The members of this credit union can access lots of in-person support which is almost like any megabank customer, where they can get much better rates as well as lower fees as compared to any nationalized banks just because of shared branching.
Let us try to understand the concept of shared branching. Out of seven thousand credit unions there are eighteen hundred among them belong to various cooperative financial services of shared branch network. All these members have got access to more than five thousand shared branches at various locations of all the fifty states of the country.
All the members of the credit union can complete any of their regular transactions at different branches as they can do any of their local credit union. These cooperative financial services also offer a network of thirty thousand ATMs without any fees or charges.
The member of this branching of the credit unions can use all the facilities like any other credit union members – which can be roughly fifty million people.
Members of the credit union can do following at their shared branches
- Make deposits
- Make withdrawals
- Make transfer between different accounts
- Make loan payments
- Purchase money orders
- Purchase traveler’s checks
Most of you cannot open any saving or checking account and also individual retirement accounts etc. However, as a credit union member you can open all these accounts in the website of credit union. If you want to do any transaction at any of shared branches. All that you need to provide is your ID that has been issued by the government and also the name of your credit union along with the account number.
You can also use your locator tool provided by the cooperative to find out your credit union that takes part in the shared branching. Some of the credit unions are member of shared branch network as well as cooperative ATM while some of them are members of any one of the two. Those who are not part of the credit union do not belong to any of these networks.
Though there are plenty of growth online and various mobile banking in the country, but despite all that this shared branching concept is still popular.