CO-OP Financial Services and the SHAZAM Network are opening their nationwide networks of surcharge-free and shared deposit ATMs to each others’ client institutions.
Des Moines, Iowa-based SHAZAM said it has 4,600 ATMs on its network, the majority of which are on its Privileged Status program.
The CO-OP Network comprises 30,000 ATMs, including 9,000 that accept deposits and many located in retail locations such as 7-Eleven, Costco and Walgreens, the big CUSO said.
“This agreement provides for a significant expansion of convenient access to accounts for members of credit unions in the SHAZAM Network,” said Stan Hollen, president/CEO of CO-OP in Rancho Cucamonga, Calif.
Dan Kramer, senior vice president of marketing and network services at SHAZAM, said, “This new alliance allows us to continue to realize our vision of open access and also paves new inroads to allow our financial institution partners to compete more effectively and profitably.”
In a statement, the organizations said the agreement was facilitated by The Members Group, a Des Moines-based business partner to both CO-OP and SHAZAM. Earlier this year, CO-OP invested in TMG in what the two firms called a strategic partnership.
Member-owned SHAZAM said it now provides electronic fund transfer services to financial institutions in 33 states.