CO-OP Financial Services provides access and convenience products to more than 3,000 participating credit unions, nearly 1,200 of which are member-shareholder institutions.
"In 2010 we reached a milestone by exceeding the $200 million mark in patronage to shareholders," said Stan Hollen, President/CEO, CO-OP Financial Services. "The $20.2 million patronage pool represents a strong annual dividend to our shareholders, and at the same time we continue to invest in products and services that maximize benefits to both credit unions and their members."
CO-OP Financial Services operates CO-OP Network, offering members of participating credit unions surcharge-free access to 28,000 ATMs nationwide, 9,000 of which take deposits. Through CO-OP's investment in access to ATMs in retail locations such as 7-Eleven and Costco, member credit unions were able to realize $64 million in surcharge replacement savings last year.
The company also cut operational costs, introduced price reductions, provided client promotional materials and support, and absorbed infrastructure costs to upgrade the telecommunications platform for all CO-OP services, for a total 2010 savings to clients that CO-OP estimates at $18.4 million.
Among other 2010 milestones, CO-OP Financial Services processed more than two billion payment transactions via CO-OP Network, third-party ATM, PIN/Signature debit and credit card.
The company also offers CO-OP Shared Branching, the credit union movement's largest shared branching network, representing 70 percent of all national locations and 80 percent of credit unions participating in shared branching. Total shared branching transactions for 2010 exceeded 71 million.
CO-OP Financial Services is also now processing more than 200,000 transactions per month via CO-OP Mobile and CO-OP My Deposit, two e-commerce solutions that are helping credit unions keep up with consumer demands for greater convenience. In addition, CO-OP Member Center introduced Outbound Call Services to help credit unions proactively capture lending opportunities. This service also helped credit unions respond to the revised Federal Reserve Board Regulation E by providing a mechanism to promote member opt-in to overdraft protection programs.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., CO-OP Financial Services is the industry leader in access and convenience products for credit unions. Nearing 30 years of credit union service, CO-OP connects credit union members to their accounts through network services, payment processing, e-commerce, shared branching and call center services. With a total of 3,000 credit union members, 30 million cardholders, 28,000 surcharge-free ATMs, 4,000 shared branch locations and two billion annual transactions, CO-OP Financial Services is the nation's largest credit union service organization, offering the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org. Follow CO-OP on Twitter at: http://twitter.com/COOPFS and keep up with industry issues via the CO-OP Insight Vault blog at: http://co-opinsightvault.com.