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Shared Branching

Date: Tue, 12/25/2007 - 09:13
Submitted by Mary Adkins Matthews on Tue, 12/25/2007 - 09:13
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People seem not to understand entirely what shared branching actually means. It is simple. It makes having an account that is not local, the same as if it were local. Generally, would get a membership at a credit union that may be out of state and not local to you. You would then be able to get service on your account(s) at a credit union that you do NOT belong to that is local to you.

Even if the shared branches that are local to you are credit unions that use Chexsystems, it doesn't matter. They are simply servicing your account. You can go to the teller line and make deposits, withdrawals and payments all on your accounts. The same as if you opened your account there. If the shared branch has a deposit taking ATM, then you are able to make deposits at the shared branch using their ATM as well.

This is definitely a great opportunity for someone on chexsystems that may live in an area where it is hard to find a bank or credit union that doesn't use Chexsystems. Or even a good back up account for those that have found an account already.


Although you can do almost everything through credit union shared branches, there are couple of things people need to be aware of. First, there is a withdrawal limit of $500.00 through shared branching. However, a trick I use sometime when I need more than $500 in a day is to go inside a credit union service center to withdraw the maximum $500.00, then I go to an ATM and withdraw the limit my credit union allows. In this way, you can get a total of $800 or more (the $500 teller withdrawal plus the $300 or more through the ATM) The other key limit is that deposits made by check at a service center is normally not credited until the following business day or possibly longer. This applies to payroll checks as well. For specific limitation, check with your credit union.


Submitted by on Tue, 01/01/2008 - 08:43

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