CO-OP Financial Services

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.[1] The company’s payments solutions, fraud mitigation services and strategic counsel help credit unions optimize member experiences.

CO-OP Financial Services
Operating areaUnited States, Canada
ATMs30,000
Founded1981 (as CO-OP Network)
Websiteco-opfs.org

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

History[5]

1981: The CO-OP Network begins, when 20 credit unions in California unite their 32 ATMs.

1986: The first CO-OP ATMs are deployed at 7-Eleven stores.[6]

2002: The network includes its first Canadian member, CS CO-OP.

2017: CO-OP acquires payment processor TMG, of which it held minority ownership since 2012.[7]

2019: CO-OP Financial Services processes 7.6 billion financial transactions[8].[9]

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[10][11][12]. This system was founded in 1975 by five Detroit-area credit unions to minimize costs associated with having their own branches. [13]


References
  1. Orem, Tina (March 27, 2020). "CO-OP Financial Services Launches Cardholder Relief Program". Credit Union Times.
  2. "Company Overview of CU Cooperative Systems, Inc". Bloomberg. Retrieved. Retrieved February 1, 2018.
  3. "About CO-OP Financial Services". True Work.
  4. "CO-OP Financial Services Company Overview". Credit Union Executive Society.
  5. "CO-OP Financial Services Timeline & History". CO-OP Financial Services.
  6. Orem, Tina (March 2, 2017). "CO-OP Inks ATM Deal with 7-Eleven". Credit Union Times.
  7. "CO-OP Financial Services Acquires TMG". CUToday.com. April 3, 2017.
  8. "COOPER Fraud Analyzer from CO-OP Now Protecting 9.7 Million Member Accounts". Payments Journal. March 10, 2020.
  9. Ogden, Michael (May 18, 2020). "Jim Hanisch Announces Retirement From CO-OP Financial Services". Credit Union Times.
  10. Vozza, Stephanie (August 23, 2019). "Banking 101: Understanding the Credit Union Shared Branching Network". DepositAccounts by Lending Tree,.CS1 maint: extra punctuation (link)
  11. Pritchard, Justin (March 31, 2020). "Another Credit Union Perk: CO-OP Shared Branching". The Balance,.CS1 maint: extra punctuation (link)
  12. Jooss, Ron (December 20, 2019). "PODCAST: An industry leader". Credit Union National Association.
  13. "Shared Branching Turning 30 this Month". Credit Union Times. October 25, 2005.


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