Shared Branches: Another Credit Union Benefit
Picture this scenario. You are traveling out of state when the car breaks down in an unfamiliar town. Worse yet, the credit card processor at the mechanic shop is on the blink and you are short on cash. If you are a UFCU Member, the shared branch network may be your lifeline to the cash you need.
What Is the Shared Branch Network?
UFCU is part of a nationwide cooperative of credit unions that mutually agree to offer banking services to their Members. Hundreds of credit unions have joined together in a cooperative effort to bring this new level of convenience to those they serve. You can access your accounts and conduct most of your banking business nationwide at any of the participating credit union locations within the Shared Branch Network. Together, they represent more than 5,000 branch locations across the United States.
Who Can Use a Shared Branch?
The Shared Branch Network is available exclusively to participating credit union Members. Not all credit unions participate, and not all credit union locations are designated as shared branches. A credit union might have several locations in a city, but only one that is designated as a shared branch. UFCU offers shared branch services in eight locations.
What Services Do Shared Branches Provide?
At shared branches, credit union Members can make deposits, withdraw cash up to $500, make loan payments, and transfer funds between accounts. At UFCU shared branches, you also can get a cash advance on your credit card up to $5,000; however, not all credit union shared branches offer that service. It would be best to contact the shared branch before you visit to confirm they are offering the desired service as many financial institutions are experiencing unexpected, temporary closures in response to the Coronavirus (COVID-19) pandemic.
In addition, shared ATMs provide access to a nationwide network of nearly 30,000 surcharge-free ATMs. Note that ATMs at shared branch locations are not fee-free. To locate fee-free non-UFCU ATMs, you can visit the ATM Alliance.
Shared Branch Limitations
While shared branches bring an added level of convenience for many banking services, they are not intended to serve as full-service locations. For example, they do not accept loan applications, and cannot transact business with you by phone. You’ll need to know your account number and the name of your host credit union, as shared branches do not have the ability to look up account details. In addition, you will need to have an acceptable form of identification such as a driver license, passport, or at UFCU locations, a University of Texas ID card.
How Do I Find a Location or an ATM When I Need One?
Visit the Apple® App Store or Google Play™ Store to download the UFCU Mobile Banking app. With the latest app, you can find a traditional location with tellers, an branch, an ATM, or a shared branch and find what you need whenever, wherever you are.
Consult Our Financial Experts
Want to know more about shared banking services or your financial health overall? Give us a call anytime to chat with a personal financial representative and learn more.
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