Credit unions that use CO-OP Financial Services were part of a record year. CO-OP announced that in 2015 it processed 3.2 billion electronic funds transfer (EFT) and shared branch transactions by credit union members, an increase of 6.6 percent compared to 2014. This is certainly good news and shows that shared branching is effective being utilized by members.
“CO-OP is dedicated to helping credit unions become the primary financial institution of its members by maximizing secure and convenient access to accounts,” said Stan Hollen, president/CEO of CO-OP. “The new transaction processing record demonstrates again that credit unions can compete with anyone in terms of debit, credit, ATM, and branch services.”
The 3.2 billion figure means that CO-OP has tripled its number of transactions since 2004. A better way to look at it is that CO-OP has added 1.2 billion more transactions since 2010.
In addition to the grand total, CO-OP established new all-time records at shorter intervals. A few other records were established in 2015, including volume per hour and volume per day:
- Peak volume per hour: 1 p.m. Eastern Time on June 30 – 1,022,497 transactions.
- Peak volume per day: Dec. 24 – 11,166,663 transactions.
You can read the full news release on CO-OP’s record year on its website. If your credit union is interested in knowing more about CO-OP Financial Services, contact a LEVERAGE Business Development Consultant.