January 16, 2013
CO-OP Financial Services has just released a shiny and new ATM locator tool. It's chock full of both new and improved features that make browsing for CO-OP Network ATMs and CO-OP Shared Branching locations faster and easier.
- Separate pages for CO-OP ATM Network search ( WWW.CO-OPNETWORK.ORG) and CO-OP Shared Branching search (WWW.CO-OPSHAREDBRANCHING.ORG). Members can easily navigate back and forth between the two pages.
- Mobile-enhanced for easy use on a Smartphone and other mobile devices
- The ability to print â€œstate-wideâ€? reports
- A search tool for members to find out whether their credit union participates in CO-OP ATM Network, CO-OP Shared Branching, or both
- Updated content that includes information on:
- A revamped and enhanced iPhone app
- A brand new Android app
- â€œCredit Unions vs. Banksâ€?
- â€œWhat is CO-OP ATM Network and CO-OP Shared Branchingâ€?
- The perks of a surcharge-free network
January 21, 2013
Our partner CO-OP Financial Services recently released a whitepaper that is a great read for any CU decision maker, as it provides a wealth of question and answer style data in an easily scan-able format.
While there are nearly 7,200 shared branching office and kiosk locations in the nation, there exists a set of shared branching misconceptions that prevents credit unions from adopting this all-important member-driven service.
From a member perspective, shared branching is widely supported as it allows members to make deposits, withdrawals, loan payments, transfers, or purchase money orders and traveler checks, among countless other personalized transactions, regardless of geographic location. The member only needs to produce their credit unionâ€™s name, account number and valid government-issued photo identification, such as a state driver license, or U.S. Passport.
In practice, shared branching is demonstrative of the cooperative, inherent nature of the credit union industry. However, some credit unions, both small and large, underestimate the cost of inconveniencing their members. To this end, the thousands of branches maintained by big national banks offer serious competition for the allegiance of the countless consumers, who prize having many convenient places to interact with their financial institutions.
While there has been more industry discussion about shared branching in recent years, this sound business philosophy has been viable for decades. Take, for example, Carpenters and Millwrights Federal Credit Union, which began over 50 years ago with 27 members. By 1997, the renamed Midwest Carpenters Federal Credit Union had just under $25 million in assets with nine employees working in its original Hobart, Indiana headquarters. As a result of a progressive shared branching initiative, the credit union currently serves more than 14,650 members residing in 15 states...
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January 23, 2013
Raddon Financial Group recently published data announcing what access channels CU members (by demographic) preferred to do their banking. We were surprised that still branch availability was far and away the most preferred, by everyone, young and old. Check it out for yourself below.
January 25, 2013
Lots of exciting changes happening for 2013, that's for sure! Take a look at what's happening for this year so far. We predict it's going to be a big year for CUs.
New Service Centers opened:
Boulder Valley CU, new branch in Boulder, CO (4895 Riverbend Rd, Ste E, Boulder, CO)
Warren FCU, new Fort Collins Branch, CO (181 W Boardwalk Dr, Ft Collins, CO)
Bellco CU, 2 new branches â€“ Edgewater and Sheridan, CO (1931 Sheridan Blvd, Unit G1, Edgewater, CO; 3610-A River Point Pkwy, Sheridan, CO)
New Service Centers opening in February
US New Mexico FCU, Osuna Branch (3939 Osuna Rd NE, Albuquerque, NM)
Trona Valley Community FCU, Foothill Branch (2640 Foothill Blvd, Rock Springs, WY)
Partner Colorado CU, Arvada Branch (6221 Sheridan Blvd, Arvada, CO)
Potelco United became an Acquirer adding their 5 locations (110 S Main, Firth, ID; 2001 S Wooruff, Suite 1, Idaho Falls, ID; 290 E Highway 30 E, Inkom, ID; 1150 N 8th Ave, Pocatello, ID; 1873 Bench Rd, Pocatello, ID) as service centers.
Tucson Old Pueblo joined the CUSN network of credit unions.
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