CU Cooperative Systems, Inc. doing business as Co-op Solutions (formerly d.b.a. CO-OP Financial Services), is a company that operates an

interbank network An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belon ...

connecting the ATMs of

credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including depo ...

s in the United States, with locations also in Canada and certain

United States Navy The United States Navy (USN) is the maritime service branch of the United States Armed Forces and one of the eight uniformed services of the United States. It is the largest and most powerful navy in the world, with the estimated tonnage ...

bases overseas. It is the largest credit union-owned interbank network in the US. It is headquartered in

Rancho Cucamonga, California Rancho Cucamonga ( ) is a city located just south of the foothills of the San Gabriel Mountains and Angeles National Forest in San Bernardino County, California, United States. About east of Downtown Los Angeles, Rancho Cucamonga is the 28th ...

History

The CO-OP Network began in 1981 when 20 credit unions in

California California is a U.S. state, state in the Western United States, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territori ...

united their 32 ATMs. In 1986 the first CO-OP ATMs are deployed at 7-Eleven stores. In 2002, the network added its first Canadian member, CS CO-OP. In 2003, the network added 262 ATMs of the Navy Federal Credit Union which are located on U.S. Naval bases through the United States plus Africa,

Bahrain Bahrain ( ; ; ar, البحرين, al-Bahrayn, locally ), officially the Kingdom of Bahrain, ' is an island country in Western Asia. It is situated on the Persian Gulf, and comprises a small archipelago made up of 50 natural islands and an ...

, Cuba,

Diego Garcia Diego Garcia is an island of the British Indian Ocean Territory, a disputed overseas territory of the United Kingdom. It is a militarised atoll just south of the equator in the central Indian Ocean, and the largest of the 60 small islands o ...

, Greece,

Guam Guam (; ch, Guåhan ) is an organized, unincorporated territory of the United States in the Micronesia subregion of the western Pacific Ocean. It is the westernmost point and territory of the United States (reckoned from the geographic cent ...

, Italy, Japan, Korea, Singapore and Spain. ATM access at these bases are restricted to individuals with the proper base security access. In 2007, CO-OP members gained access to ATMs at 321

Costco Wholesale Costco Wholesale Corporation (doing business as Costco Wholesale and also known simply as Costco) is an American multinational corporation which operates a chain of membership-only big-box retail stores (warehouse club). As of 2022, Costco i ...

warehouses around the country. In 2015, CO-OP acquired majority interest in Canadian payments solutions provider Everlink Payment Services Inc. CO-OP acquired payment processor TMG in 2017, of which it held minority ownership since 2012. In 2019 Co-op Solutions processed 7.6 billion financial transactions.

Shared branching

Co-op Solutions also provides what the company calls

shared branching Credit Union Service Centers (commonly known as shared branching) is an organization of credit unions that allows members of participating credit unions to process transactions at any participating branch. As of September 2011, the network inclu ...

. Members of 1,800 credit unions can perform most teller transactions at any one of the network's 5,700 branches. This system was founded in 1975 by five Detroit-area credit unions to minimize costs associated with having their own branches.

References

External links

* Interbank networks Cooperatives in the United States Financial services companies of the United States Companies based in San Bernardino County, California {{US-finance-company-stub