Credit unions can gain additional surcharge-free ATM access for members
Set-up fees for CO-OP Network access waived for a limited time
Dallas-- Credit unions looking to expand ATM access for their members have a simple and economical option through Southwest Corporate Federal Credit Union. Southwest Corporate provides the opportunity to become, at advantageous pricing, network-only participants of CO-OP Network, the largest credit union-owned ATM network.
CO-OP Network has 25,000 surcharge-free ATMs in 50 states and 10 countries, and links to virtually every national and regional ATM network.
“Through Southwest Corporate, credit unions already affiliated with other ATM processors can add CO-OP’s sizeable footprint without the costs typically associated with a direct network relationship,” said Eileen Purdy, Southwest Corporate Federal Credit Union Product Manager.
“Creating a convenient delivery network for your members is critical for competing with the large financial institutions. Providing a list of locations where members can access funds ‘surcharge-free’ doesn’t hurt, either.”
And if this benefit to credit union members is not enough, Southwest Corporate has worked out a special arrangement with CO-OP to waive the set-up fee of $2,500 for a limited time. Contracts submitted to Southwest Corporate by December 31, 2007 will be eligible for this special promotion.
Approximately 2,000 credit unions belong to CO-OP Network, operated by 26-year credit union industry veteran CO-OP Financial Services. Joining the network entitles members of participating credit unions to use ATMs owned by network credit unions, in addition to ATMs at numerous convenience stores, airports, supermarkets, gas stations, malls and other retail locations.
Among the premier names included in the network is 7-Eleven – the country’s largest convenience retailer. The chain has 5,500 CO-OP Network ATMs, most of which are full-service, deposit-accepting terminals in high-traffic locations. These ATMs are prized for their 24-hour availability in well-lit, easily recognizable storefronts across the country.
Credit union members can identify participating ATMs by the familiar CO-OP Network logo. They can call a toll-free telephone number for an audio ATM locator or visit CO-OP Financial Services’ consumer website, www.co-opnetwork.org, to get a list of ATM locations within 10 miles of a home, office or travel destination zip code.
“Southwest Corporate is fully committed to credit unions’ success in the ATM and debit card environment, and that includes assisting with the marketing of the CO-OP program,” Purdy said. “The network provides a full array of marketing resources to raise awareness among members and throughout a credit union’s market area, including location brochures, statement stuffers, Web banners, ads and in-branch promotions.”
Of course, a side benefit for the credit union watching its ATM network grow by 25,000 locations is increased fee income as a result of increased transaction volume. Increased fee income means greater flexibility in serving members.
“Ultimately, it’s about the convenience and savings you can provide your members with ATMs that don’t have surcharges,” Purdy said. “If your goal is to become their primary financial institution, you must make it easy to do business with you. Your competitors will. Southwest Corporate and CO-OP Network, two partners dedicated exclusively to credit unions, are a good combination to support your full-service EFT delivery network.”
(Southwest Corporate Federal Credit Union is a $13 billion Plano-based institution that serves the financial needs of more than 1,300 member credit unions.)