- 7 17 Staff
What Is Shared Branching?
We all look forward to getting away for a little while, whether it’s to take a vacation, visit family, or work from a remote office location. As exciting as traveling can be, there are a lot of things to do to prepare, including paying bills and handling other money management tasks.
But what happens if you need to make a transaction while you’re away? If you’re a credit union member in a shared banking network, you can still do your normal banking transactions — even when you’re not at home.
What is shared branching?
A shared branching network enables credit union members to make transactions at any participating branch — just like if you were at your home branch. This gives you nationwide access to financial services beyond your home credit union. It also gives you peace of mind knowing that you can still complete standard banking transactions regardless of your geographic location when you’re on vacation, visiting family, or traveling for work.
Shared branching locations are beneficial for people who want the benefits of a credit union — such as higher savings rates, reduced loan rates and fees, and enhanced services and products — but with convenient features, such as ATMs or convenient branch access, that are typically available through a large bank.
How does shared branching work?
To make a transaction at a shared branch, you’ll need your credit union name, your account number, and a photo ID. With 7 17 Credit Union, you can access your account at more than 5,000 participating locations nationwide at no additional cost.
You can perform almost every type of financial transaction you would normally do at your home branch, including:
- Withdrawing cash
- Making deposits via check or cash
- Transferring money between accounts
- Cashing personal checks from another branch
- Making loan payments or advances on certain loan types
- Inquiring about your balance
However, services such as opening or closing an account may only be available at your home credit union location.
To find shared branching locations, members can use their credit union’s locator tool or the locator tool through the CO-OP Financial Services site, which helps members find credit unions that are connected via shared branching.
What are the benefits of shared branching for credit union members?
One of the biggest advantages of shared branching is that it removes the geographic restrictions of traditional banking. No matter where you are, you can manage your finances with ease.
With access to a wider network of participating branches, members can perform essential banking transactions without added fees or out-of-network charges. This means no surprise ATM fees when you need to withdraw cash and no hassle when making deposits, transfers, or loan payments.
Shared branching provides you with the flexibility to bank wherever life takes you without having to switch your primary financial institution. This enables you to enjoy the personal services, lower fees, and exclusive benefits of your home credit union while having access to convenient banking options nationwide.
For those who appreciate the personalized service of a credit union but need the accessibility of a larger financial network, shared branching is the perfect solution. It’s designed to make banking stress-free, whether you’re on vacation, away for work, or running errands in a different part of town.
Enjoy seamless money management wherever you are.
Shared branching makes it easier than ever to stay connected to your finances no matter where life takes you. Whether you’re traveling for business or enjoying a vacation, you can count on the convenience and flexibility of a nationwide network of participating credit unions. With no extra fees and the ability to perform everyday banking transactions just like you would be able to at home, shared branching ensures that managing your money is one less thing to worry about.
Find out more about managing your money with a credit union checking account in our free guide, “Checking Accounts: A Complete Guide To Managing Your Money.”