Have you ever wondered how your members would access their funds if your credit union were disabled by a disaster like a fire, tornado, or flood? Have you considered ways to retain your membership even if they are moving out of your area or even out of the state? We have a product called Shared Branching that can help you with those scenarios.
More Than 5,000 Locations Nationwide
Shared Branching is a cooperative program where your members have more than 5,000 locations nationwide to access their accounts. They can use these locations while on vacation, visiting family during holidays or even if they are transferred out of town or even the state for their jobs.
Your credit union can join 55 Tennessee and Kentucky credit unions who are already using the Shared Branching Program. Participation, whether as an acquirer, issuer or both, gives your members greater access to their credit union accounts.
As an acquirer, you’ll earn income from transactions you do for others in the network. As an issuer, you allow your members to conveniently visit any of the 5,000 locations around the nation.
Participating in the Shared Branch Program will help you retain members who aren’t convenient to one of your own locations. Shared Branching works!
Shared Branching Services
Your members will be able to make withdrawals by cash and check, make deposits in cash and checks, make loan payments by cash or check, get a statement print (history of last 10 transactions), inquire about the balances in their accounts and transfer money from one account to the other. If your member has accounts at two different credit unions participating in Shared Branching, they can even transfer money from one account to the other. If your credit union allows it, they can also access their line of credit through Shared Branching.
Some credit unions offer additional services such as purchasing money orders, traveler’s checks, gift cards, discount theme park tickets, movie tickets and official checks. Just remember, these types of services are optional and vary from location to location.
What better time to add this great program for your credit union than Shared Branch Awareness Week, which is May 20-24.
If your credit union is interested in adding shared branching for your members, please contact us!
