RANCHO CUCAMONGA, Calif. – Iowa credit union members will now be able to access their money at even more surcharge-free ATMs following a new partnership between CO-OP Financial Services and SHAZAM.
According to CO-OP, the alliance means credit unions in the state can provide members with access to a combined total of nearly 33,000 surcharge-free CO-OP ATMs and SHAZAM Privileged Status ATMs across the nation.
The company said Iowa credit unions that join the CO-OP ATM network do not have to leave their current ATM provider, adding financial institutions can maintain their current relationship and terminal driving, augmenting it with CO-OP’s ATM network.
“When Iowans leave the state for college, retirement or a job opportunity, we want to continue serving as their consistent, trusted financial partner,” said Dave Cale, CEO, Financial Plus CU in Des Moines. “Nationwide access to their cash on-demand is something our members want, regardless of where they’re traveling or living. Cooperatively joining the CO-OP ATM network allows us to offer that access in a way that’s larger than most of the nation’s biggest banks.”
Benefits For Surrounding States
According to CO-OP, the expansion of Iowa ATM networks has strong benefits for credit unions in surrounding states, as well. Access to cash is critical for out-of-state college students, many of whom are attracted to the comparatively affordable tuition of Iowa universities. According to 2019 data, Iowa gains 47 percent more first-year college students each fall than would be expected from in-state residents alone. Greater ATM access for their student members gives credit unions in nearby states much improved opportunity to maintain those relationships throughout the member’s education experience, CO-OP said.
“For Iowa’s credit unions, the expansion of ATM access means greater opportunities to serve members as they navigate the day-to-day challenges created by the pandemic,” said Dr. Kathy Snider, SVP, Engage Solutions, for CO-OP. “Daily routines and travel patterns have been altered significantly due to work-from-home and other lifestyle changes, making it necessary for credit union members to have more options for physical banking. The mission behind CO-OP ATM network is to bring shared value for the benefit of all credit unions, large and small, so we’re very excited about partnering with more Iowa credit unions to improve the overall ATM member experience.”
Greater Access
Added Bruce Hopkins, SVP-processing with SHAZAM, “In addition to providing surcharge-fee access to the SHAZAM network, through our Privileged Status surcharge-free ATM program, SHAZAM’s credit union clients have access to CO-OP’s surcharge-free ATM network through this partnership.”
CO-OP said member benefits that accompany a greater number of ATMs include access to more deposit-taking machines at more credit union-owned locations. In addition, members have access to the CO-OP Locator app, which provides ATM location details such as handicap access, deposit availability and hours. Geo-targeted capability allows members to navigate to the ATM or to request a rideshare pickup, CO-OP added.