April 22nd, 2010

Reminder: Shared Branching Changes 6/1/2010

Don’t forget, beginning June 1, 2010, SMCU will no longer accept shared branching transactions at any branch locations except Seattle City Hall.

SMCU members will still be able perform shared branching transactions at other participating credit unions and shared branching service center locations.

What is Shared Branching?

Shared branching is a network through which credit unions all over the country and around the world can share facilities to offer thousands of convenient branch locations to members of any participating credit union. At any credit union branch that displays the CU Swirl logo, SMCU members can perform transactions as if they were at their local SMCU branch. Shared branching transactions can include deposits, withdrawals, loan payments, transfers and more.

Who is affected?

SMCU members who are members of other credit unions and non-members who use SMCU branches to perform transactions will be affected. If you are a member of a credit union other than SMCU, you will only be able to perform Shared Branching transactions at SMCU’s City Hall branch.

What about ATMs?

Non-members can still use SMCU’s ATMs to conduct transactions on their accounts at other credit unions, just like before. If your credit union is in the Co-op ATM network, you can still make deposits and withdrawals for free. The Shared Branching network is different from the Co-op ATM network. There are some credit unions that participate in one, but not the other. To sum up – if you could do it on the ATM before, you still can.

Why the change?

The reason for the change is to help staff devote individualized attention to SMCU members. Unfortunately, the imbalance of Shared Branching locations to the number of non-members using the system created an operational volume that SMCU was not able to support and still deliver the level of service that the credit union has always committed to. While there are some SMCU members who use the Shared Branching system at SMCU branches, on the whole, Shared Branching reduces the amount of support we are able to give SMCU members with assistance on SMCU accounts. The credit union felt that its primary responsibility was to maintain the service standards of SMCU branches by changing our level of participation within the Shared Branching system.

If you have any questions regarding this change, please give us a call at 206.398.5500, or 800.334.2489. For a list of participating shared branching service center locations, visit www.cuswirl.com.

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