Credit Union Service Centers (commonly known as shared branching) is an organization of credit unions that allows members of participating credit unions to process transactions at any participating branch. Members are generally free to conduct normal transactions and day-to-day operations away from their home branch.[1] As of November 2023, the network included 5,700 participating locations. While mostly composed of US based credit unions, the network is international.[2] Shared branches are useful for domestic or international traveling, changing credit unions, and easily using a credit union that is closer to a customer versus their own branch.[3]

Transactions

The types of transactions that can be done at a shared branch can vary. Some may have fees based on an established schedule. The types of transactions generally available to customers include:[4][5]

Restrictions

Shared branches do not act as replacements for a customer's own branch.[6] Different branches have some restrictions on what cannot be done at that branch.[7] The most common restrictions include:

  • Opening or closing accounts
  • Applying for loans or credit cards
  • Changing customer account information
  • Potentially complex transactions
  • Resolving issues with a transaction

Notes

  1. ↑ Acevedo, Sophia (2022-10-30). "Some credit unions are part of shared branch or ATM networks. Here's how they work". Business Insider. Retrieved 2023-11-03.
  2. ↑ "Access around the world". CUSwirl.com. Archived from the original on August 13, 2010. Retrieved September 29, 2010.
  3. ↑ White, Heidi (2020-01-23). "How Does Shared Branching Work?". VSECU. Retrieved 2023-11-03.
  4. ↑ "About Shared Branching". CU Service Centers. Retrieved September 29, 2010.
  5. ↑ "CU Service Centers Fee Schedule". CUSwirl.com. Archived from the original on August 30, 2010. Retrieved September 29, 2010.
  6. ↑ Bond, Casey (August 31, 2023). "What Is a Shared Branch Credit Union? | Banking Advice | U.S. News". U.S. News.
  7. ↑ Lake, Rebecca (2022-06-28). "What Is a Shared Branch Credit Union?". SoFi. Retrieved 2023-11-03.
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