You don't have to look exclusively at the best banks if your priority is finding a financial institution with a large branch or ATM network.
Some credit unions belong to shared networks, which provide access to thousands of ATMs, branches, or both.
What is a shared branch?
If you see that a credit union has shared branches or ATMs, this means it's part of a network of credit unions that have come together to share locations and services.
Many credit unions belong to the Velera network, giving their members access to over 5,500 branches and 30,000 surcharge-free ATMs across the United States. It's convenient for credit union members and helps them avoid out-of-network bank ATM fees.
"A shared branch network allows credit unions to become competitive with other financial institutions that might be nationwide because it allows us to have that many more branches than we actually are capable of having," says Tanya Romero Sturgeon, president and CEO of Guadalupe Credit Union, a member of a shared branch network.
Benefits of shared branching
If your credit union participates in a shared branch network, you can conduct financial transactions at thousands of other participating credit unions. This gives you access to your money nationwide to do any of the following activities:
- Transfer funds to another account
- Deposit money
- Withdraw money
- Make a loan payment
- Cash checks
While you can do many of these types of transactions through mobile or online banking, Romero Sturgeon points out that physical branch locations can be beneficial for anyone who may not have access to or the ability to use technology.
For example, people with disabilities may often face accessibility issues with online and mobile banking due to economic and geographic barriers. However, additional brick-and-mortar locations allow people who struggle with these barriers to still have access to banking services if they are traveling or moving to a new location.
At shared branches, you won't be able to open new bank accounts specific to your credit union, though.
Credit unions participating in a shared network follow a set of rules and guidelines around how they've agreed to support each other's members.
How to use a shared branch
Finding a shared branch
Check your credit union's website or mobile app to find out if it participates in a shared branch network.
If your credit union belongs to the Velera network, visit its website for participating locations or try the CO-OP ATM Shared Branch Locator app, available on iOS and Android.
Requirements
When visiting another credit union in a shared network, you must have your ID, account number, and credit union name in order to access banking services.
Types of transactions
You'll need to be mindful of each financial institution's rules and regulations. For example, if you would like to withdraw money from another credit union's ATM, consider checking the ATM withdrawal limit online or calling the bank's customer service.
Depending on the financial institution, you also might have to pay fees for certain services. For example, some credit unions charge a fee for a cashier's check, while others may not.
Bear in mind that certain transfers at shared branches may take time to process, Romero Sturgeon says. If you want to deposit a check, ask your credit union if there might be a temporary hold for the transfer.
Shared Branch Credit Union FAQs
What is a credit union shared branch?
Shared branching gives credit union members access to thousands of credit unions and ATMs across the United States, where they can perform financial transactions without incurring fees.
How does shared branching benefit me as a credit union member?
Sharing branching allows you to benefit from local credit union perks, such as competitive interest rates and low common bank fees, while enjoying widespread ATM and branch location access, which are perks typically only available to those who bank with national financial institutions.
What do I need to use a shared branch?
To conduct transactions at a shared branch, you need to provide the name of your home credit union, your account number, and a government-issued photo identification.
What types of transactions can I perform at a shared branch?
Shared branches allow credit union members to perform many of the same transactions they do at their home credit union, including depositing and withdrawing money, cashing checks, making loan payments, and transferring funds.
How do I know if my credit union has a shared branch?
Your credit union's website will typically have a locator tool, or specify that it is part of a shared branch network. You can also call the credit union's customer support to verify whether it is part of a shared branch network.
