UsNet, the Universal Sharing Network, the shared branching network affiliated with the New York Credit Union League has picked up another credit union, both as a shared branching issuer and acquirer.
The 73 year old, $237 million First New York Federal Credit Union, headquartered in Albany, brings 28,000 members to shared branching. The network is affiliated with CO-OP Shared Branching.
"In the cooperative spirit that is unique to credit unions, we are very excited to provide our members with thousands of new convenient locations to perform transactions, just as if they were in their home credit union branch office," said Rachele Granka, CEO at First New York FCU. "We are also pleased to open our seven branches to members from other participating credit unions to conduct transactions."
So-called issuing credit unions allow their members to make transactions at shared branching credit unions and so called acquiring credit unions accept transactions from members of other shared branching CUs.
"We are very happy to have First New York FCU join our shared branching network," said UsNet's Chief Operating Officer, Marc Inger. "Shared branching is a cooperative effort, one that goes to the heart of credit unions ideals and their 'people helping people' philosophy."