Shared branching sees U.S., international growth
MADISON, Wis. (8/7/06)--Credit union participation in shared branching continues to expand access to services for members both in the U.S. and internationally.
In Ecuador, credit union members can now conduct business at more than 100 shared branching locations offered by 12 credit unions. The shared branches offer a lifeline to migrant workers who travel long distances to work and may otherwise risk the loss of hard-earned wages that are paid in cash.
The development of the Ecuadorian shared branch network was supported by the World Council of Credit Unions International Partnership Program, which has paired credit union leaders from Colorado and Ecuador.
The Credit Union Service Network (CUSN), a shared branching provider in Colorado and surrounding states, recently hosted Ecuadorian credit union representatives in Colorado.
In 2005, representatives of CUSN and shared-branching network Credit Union Service Corp. (CUSC) traveled to Ecuador to evaluate its shared branching system and suggest improvements.
Shared branching providers anticipate steady growth within the U.S. as well. In North Carolina, transactions increased 4.3% in the first six months of 2006, according to Steve Willis, president, Carolina Credit Union Services (CCUS).
The greatest growth was seen at 18 outlet locations operated in existing credit union branches at Truliant FCU, Winston-Salem; Allegacy FCU, Winston-Salem; and Premier FCU, Greensboro. Transactions at outlet locations increased 12% when the first half of 2006 is compared to the same period one year earlier (North Carolina News Aug. 3).
Willis said credit unions' positive experience in using shared branching to connect with members after Hurricane Katrina has led more credit unions to join the network.
Among the credit unions that benefited from being part of the network when the hurricane hit were Carolina Postal CU, Charlotte, and Carolina FCU, Cherryville.
In Texas, the establishment of a new shared branching outlet at a Greater Texas FCU branch in the Bryan/College Station area brings the state's total outlets to 144 (LoneStar Leaguer Aug. 4). The new outlet is across the street from the A&M University campus for easy access to students.
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