Credit Union Service Centers (commonly known as shared branching) is an
organization
An organization or organisation (English in the Commonwealth of Nations, Commonwealth English; American and British English spelling differences#-ise, -ize (-isation, -ization), see spelling differences) is an legal entity, entity—such as ...
of
credit union
A credit union is a member-owned nonprofit organization, nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (che ...
s that allows members of participating credit unions to process
transactions at any participating
branch
A branch, also called a ramus in botany, is a stem that grows off from another stem, or when structures like veins in leaves are divided into smaller veins.
History and etymology
In Old English, there are numerous words for branch, includ ...
. Members are generally free to conduct normal transactions and day-to-day operations away from their home branch. , the network included 5,700 participating locations. While mostly composed of US based credit unions, the network is international. 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.
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:
*
Deposits
A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below.
...
* Withdrawals
*
Loan
In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money.
The document evidencing the deb ...
payments
* Making
transfers
Transfer may refer to:
Arts and media
* ''Transfer'' (2010 film), a German science-fiction movie directed by Damir Lukacevic and starring Zana Marjanović
* ''Transfer'' (1966 film), a short film
* ''Transfer'' (journal), in management studies
* ...
between accounts
* Purchasing
money orders
A money order is a directive to pay a pre-specified amount of money from prepaid funds, making it a more trusted method of payment than a cheque.
History
Systems similar to modern money orders can be traced back centuries. Paper documents known ...
,
travelers checks, and official
checks
Check or cheque, may refer to:
Places
* Check, Virginia
Arts, entertainment, and media
* ''Check'' (film), a 2021 Indian Telugu-language film
* "The Check" (''The Amazing World of Gumball''), a 2015 episode of ''The Amazing World of Gumball''
...
Restrictions
Shared branches do not act as replacements for a customer's own branch. Different branches have some restrictions on what cannot be done at that branch.
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
External links
Official websiteShared branch locator
Credit unions of the United States
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