Home > Pressroom > News Release: Fourth largest branch network

 

For Immediate Release Contact: Patrick Harris Director of Media Relations Ohio Credit Union League pharris@ohiocul.org 800-486-2917

Credit Unions Boast the Fourth Largest Branch Network –
And it is Fee-Free to Members

Locations added at a rate of 1.5 per day;
255 branches in Ohio rivals large bank presence in state

Columbus, Ohio (August 25, 2009) – Without a doubt, the concept behind Shared Branching may lack traditional business sense.  Why would a credit union allow its members to conduct transactions at a branch of a different credit union?  The answer is simple: cooperation and convenience.  The Shared Branching cooperative has given more than 1.6 million credit union members in Ohio access to fee-free transactions at nearly 3,800 locations nationwide, making it the fourth largest branch network.

“When it comes to showing the power of a cooperative, Shared Branching is a prime example,” said Paul Mercer, Ohio Credit Union League President.  “Shared Branching defies the stereotype that credit unions are less convenient.  Working cooperatively to share branches puts us on a level playing field with for-profit financial institutions and results in convenience and savings for members of credit unions that participate.”

Ohio has 89 credit unions participating in the network with 255 locations, making it the third most populous Shared Branching state in the nation.  According to the report “Ohio Credit Union Market Share Trends,” the number of Shared Branching locations rivals the Ohio presence of Key Bank (229) and JP Morgan Chase Bank (270).  There are an additional 10 Shared Branch locations in border areas where credit unions have branches just across state lines.  Currently, locations are being added nationwide at 1.5 branches per day.

Shared Branching is free for members of participating credit unions.  Credit union members can conduct transactions such as cash/check deposits, cash/check withdrawals, loan payments, account transfers, and statement printouts at any location nationwide.  Some locations can also process money orders and/or traveler’s checks.  All transactions occur in real-time, providing effective solutions for members who need to conduct their financial business at remote locations.  All a member needs is valid identification, the name of their credit union, and their account number.

Shared Branching began in Ohio in 2000 and transactions have increased dramatically as locations have been added.  During a six year period (2003 – 2008), transactions increased more than 150 percent from 831,344 transactions to more than 2.08 million.  2009 transaction volume is on track to surpass 2008 with nearly 1 million transactions taking place in the first five months of the year.

Credit union members can easily locate Shared Branching locations by accessing the Web site www.sharedbranching.com on their computer or smart phone.  You can also find a branch by calling 1-800-919-CUSC (2872) and enter your location’s zip code or street address.  All Shared Branch locations can be identified by the “swirl” logo, which alerts members that Shared Branching transactions can be made at this location.

“Whether on a business trip, on vacation, or at school, your local credit union is right around the corner,” added Mercer.

-30-

The Ohio Credit Union League, with offices in Columbus, is a state trade association representing 407 credit unions. Credit unions are not-for-profit financial institutions owned and democratically-controlled by their members. Ohio credit unions provide savings, loans, and other consumer financial services to their 2.64 million members. To learn more, visit www.OhioCreditUnions.org.