Credit Union Service Centers Explained

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], 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]}

• Deposits
• Withdrawals
• Loan payments
• Making transfers between accounts
• Purchasing money orders, travelers checks, and official checks

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

External links

• Official website
• Shared branch locator

Notes and References

1. Web site: Acevedo . Sophia . 2022-10-30 . Some credit unions are part of shared branch or ATM networks. Here's how they work . 2023-11-03 . Business Insider . en-US.
2. Web site: Access around the world . CUSwirl.com . September 29, 2010 . https://web.archive.org/web/20100813041629/http://www.cuswirl.com/international . August 13, 2010 . dead .
3. Web site: White . Heidi . 2020-01-23 . How Does Shared Branching Work? . 2023-11-03 . VSECU . en-US.
4. Web site: About Shared Branching . CU Service Centers . September 29, 2010.
5. Web site: CU Service Centers Fee Schedule . CUSwirl.com . September 29, 2010 . https://web.archive.org/web/20100830123959/http://www.cuswirl.com/faq#fees . August 30, 2010 . dead .
6. Web site: Bond . Casey . August 31, 2023 . What Is a Shared Branch Credit Union? Banking Advice U.S. News . U.S. News.
7. Web site: Lake . Rebecca . 2022-06-28 . What Is a Shared Branch Credit Union? . 2023-11-03 . SoFi . en.