Co-op Solutions explained

Co-op Solutions
Area:	United States, Canada
Foundation:	1981 (as Co-op Network)

CU Cooperative Systems, Inc. doing business as Co-op Solutions^{[1] [2]} (formerly d.b.a. CO-OP Financial Services), is a company that operates an interbank network connecting the ATMs of credit unions in the United States, with locations also in Canada and certain United States Navy bases overseas. It is the largest credit union-owned interbank network in the US.

It is headquartered in Rancho Cucamonga, California.^{[3] [4]}

History

The CO-OP Network began in 1981 when 20 credit unions in California united their 32 ATMs.^[5] In 1986 the first CO-OP ATMs are deployed at 7-Eleven stores.^[6]

In 2002, the network added its first Canadian member, CS CO-OP.^{[7] [8]}

In 2003, the network added 262 ATMs of the Navy Federal Credit Union which are located on U.S. Naval bases^[9] through the United States plus Africa, Bahrain, Cuba, Diego Garcia, Greece, Guam, Italy, Japan, Korea, Singapore and Spain.^[10] ATM access at these bases are restricted to individuals with the proper base security access.

In 2007, CO-OP members gained access to ATMs at 321 Costco Wholesale warehouses around the country.^[11]

In 2015, CO-OP acquired majority interest in Canadian payments solutions provider Everlink Payment Services Inc.^[12]

CO-OP acquired payment processor TMG in 2017, of which it held minority ownership since 2012.^[13]

In 2019 Co-op Solutions processed 7.6 billion financial transactions.^{[14] [15]}

Shared branching

Co-op Solutions also provides what the company calls shared branching. Members of 1,800 credit unions can perform most teller transactions at any one of the network's 5,700 branches.^{[16] [17] [18]} This system was founded in 1975 by five Detroit-area credit unions to minimize costs associated with having their own branches. ^[19]

Notes and References

1. Web site: Tina . Orem . March 27, 2020 . Co-op Solutions Launches Cardholder Relief Program . Credit Union Times .
2. Web site: Company Overview of CU Cooperative Systems, Inc. . Bloomberg. . February 1, 2018.
3. Web site: About Co-op Solutions . True Work .
4. Web site: Co-op Solutions Company Overview . Credit Union Executive Society .
5. Web site: CO-OP Shared Branching: A Credit Union Perk . MagnifyMoney . Lindsay . VanSomeren . May 29, 2019.
6. Web site: Tina . Orem . March 2, 2017 . CO-OP Inks ATM Deal with 7-Eleven . Credit Union Times .
7. News: CO-OP Spreads Wings Across NorthernBorders . October 8, 2002 . American Banker.
8. Web site: Co-op Solutions Timeline & History . Co-op Solutions .
9. Web site: Navy Federal CU adds its ATMs to Co-Op Network . ATM Marketplace . February 13, 2003.
10. Web site: USAA vs. Navy Federal: Which Is Better for You? . Smart Asset . Lauren . Perez . November 20, 2018.
11. News: CO-OP Network Brings Surcharge Free ATMs To Costco . Credit Union Times . David . Morrison . December 10, 2007.
12. News: Co-op Solutions to acquire interest in Canada's Everlink . ATM Marketplace . April 16, 2015.
13. Web site: April 3, 2017 . Co-op Solutions Acquires TMG . CUToday.com .
14. Web site: March 10, 2020 . COOPER Fraud Analyzer from CO-OP Now Protecting 9.7 Million Member Accounts . Payments Journal .
15. Web site: Michael . Ogden . May 18, 2020 . Jim Hanisch Announces Retirement From Co-op Solutions . Credit Union Times .
16. Web site: Stephanie . Vozza . August 23, 2019 . Banking 101: Understanding the Credit Union Shared Branching Network . DepositAccounts by Lending Tree .
17. Web site: Justin . Pritchard . March 31, 2020 . Another Credit Union Perk: CO-OP Shared Branching . The Balance .
18. Web site: Ron . Jooss . December 20, 2019 . PODCAST: An industry leader . .
19. Web site: October 25, 2005 . Shared Branching Turning 30 this Month . Credit Union Times .