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CO-OP Financial Services

Topic: Company

 From HandWiki - Reading time: 3 min
CO-OP Financial Services
COOPFinancialServicesLogo.png
Operating areaUnited States , Canada
ATMs30,000
Founded1981 (as CO-OP Network)
Websiteco-opfs.org

CO-OP Financial Services,[1][2] formerly known as CO-OP Network and also known as CU Cooperative Systems, Inc., 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. The company’s payments solutions, fraud mitigation services and strategic counsel help credit unions optimize member experiences.

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

History

The CO-OP Network began in 1981 when 20 credit unions in California unite 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 Financial Services processed 7.6 billion financial transactions.[14][15]

Shared branching

CO-OP Financial Services 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]

References

  1. ↑ Orem, Tina (March 27, 2020). "CO-OP Financial Services Launches Cardholder Relief Program". Credit Union Times. https://www.cutimes.com/2020/03/27/co-op-financial-services-launches-cardholder-relief-program/. 
  2. ↑ "Company Overview of CU Cooperative Systems, Inc.". Bloomberg.. https://www.bloomberg.com/profile/company/7602443Z:US. 
  3. ↑ "About CO-OP Financial Services". True Work. https://www.truework.com/verifications/co-op-financial-services-employment-verification/. 
  4. ↑ "CO-OP Financial Services Company Overview". Credit Union Executive Society. https://www.cues.org/networking/member-directory/co-op-financial-services. 
  5. ↑ VanSomeren, Lindsay (May 29, 2019). "CO-OP Shared Branching: A Credit Union Perk". MagnifyMoney. https://www.magnifymoney.com/blog/banking/co-op-shared-branching/. 
  6. ↑ Orem, Tina (March 2, 2017). "CO-OP Inks ATM Deal with 7-Eleven". Credit Union Times. https://www.cutimes.com/2017/03/02/co-op-inks-atm-deal-with-7-eleven/. 
  7. ↑ "CO-OP Spreads Wings Across NorthernBorders". American Banker. October 8, 2002. https://www.americanbanker.com/creditunions/news/co-op-spreads-wings-across-northernborders. 
  8. ↑ "CO-OP Financial Services Timeline & History". CO-OP Financial Services. https://www.co-opfs.org/History. 
  9. ↑ "Navy Federal CU adds its ATMs to Co-Op Network". ATM Marketplace. February 13, 2003. https://www.atmmarketplace.com/news/navy-federal-cu-adds-its-atms-to-co-op-network/. 
  10. ↑ Perez, Lauren (November 20, 2018). "USAA vs. Navy Federal: Which Is Better for You?". Smart Asset. https://smartasset.com/checking-account/navy-federal-vs-usaa-banking. 
  11. ↑ Morrison, David (December 10, 2007). "CO-OP Network Brings Surcharge Free ATMs To Costco". Credit Union Times. https://www.cutimes.com/2007/12/10/co-op-network-brings-surcharge-free-atms-to-costco/. 
  12. ↑ "Co-op Financial Services to acquire interest in Canada's Everlink". ATM Marketplace. April 16, 2015. https://www.atmmarketplace.com/news/co-op-financial-services-to-acquire-interest-in-canadas-everlink/. 
  13. ↑ "CO-OP Financial Services Acquires TMG". CUToday.com. April 3, 2017. http://www.cutoday.info/Fresh-Today/CO-OP-Financial-Services-Acquires-TMG. 
  14. ↑ "COOPER Fraud Analyzer from CO-OP Now Protecting 9.7 Million Member Accounts". Payments Journal. March 10, 2020. https://www.paymentsjournal.com/cooper-fraud-analyzer-from-co-op-now-protecting-9-7-million-member-accounts/. 
  15. ↑ Ogden, Michael (May 18, 2020). "Jim Hanisch Announces Retirement From CO-OP Financial Services". Credit Union Times. https://www.cutimes.com/2020/05/18/jim-hanisch-announces-retirement-from-co-op-financial-services/. 
  16. ↑ Vozza, Stephanie (August 23, 2019). "Banking 101: Understanding the Credit Union Shared Branching Network". DepositAccounts by Lending Tree. https://www.depositaccounts.com/blog/shared-branching.html. 
  17. ↑ Pritchard, Justin (March 31, 2020). "Another Credit Union Perk: CO-OP Shared Branching". The Balance. https://www.thebalance.com/co-op-shared-branches-how-customers-benefit-4177758. 
  18. ↑ Jooss, Ron (December 20, 2019). "PODCAST: An industry leader". Credit Union National Association. https://news.cuna.org/articles/117075-podcast-an-industry-leader. 
  19. ↑ "Shared Branching Turning 30 this Month". Credit Union Times. October 25, 2005. https://www.cutimes.com/2005/10/25/shared-branching-turning-30-this-month/. 

External links





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