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==History<ref>{{Cite web |title=CO-OP Financial Services Timeline & History |work=CO-OP Financial Services |url=https://www.co-opfs.org/History |url-status=live |archive-url= |archive-date= |access-date=}}</ref>==
==History<ref>{{Cite web |title=CO-OP Financial Services Timeline & History |work=CO-OP Financial Services |url=https://www.co-opfs.org/History |url-status=live |archive-url= |archive-date= |access-date=}}</ref>==
1981: The CO-OP Network begins, when 20 credit unions in [[California]] unite their 32 ATMs.
1981: The CO-OP Network begins, when 20 credit unions in [[California]] unite their 32 ATMs.{{Citation needed|date=September 2020}}


1986: The first CO-OP ATMs are deployed [[7-Eleven|at 7-Eleven]] stores.<ref>{{Cite web |first=Tina |last=Orem |date=March 2, 2017 |title=CO-OP Inks ATM Deal with 7-Eleven |work=Credit Union Times |url=https://www.cutimes.com/2017/03/02/co-op-inks-atm-deal-with-7-eleven/ |url-status=live |archive-url= |archive-date= |access-date=}}</ref>
1986: The first CO-OP ATMs are deployed [[7-Eleven|at 7-Eleven]] stores.<ref>{{Cite web |first=Tina |last=Orem |date=March 2, 2017 |title=CO-OP Inks ATM Deal with 7-Eleven |work=Credit Union Times |url=https://www.cutimes.com/2017/03/02/co-op-inks-atm-deal-with-7-eleven/ |url-status=live |archive-url= |archive-date= |access-date=}}</ref>

Revision as of 04:51, 2 September 2020

This article is about the North American interbank network. For the UK Co-operative Society, see Co-operative Financial Services.
CO-OP Financial Services
File: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.[1] 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[5]

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

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


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