The 25,000-member, $1.8 billion Melrose Credit Union has deployed an ATM which offers both traditional ATM services and shared branching services.
The Briarwood, N.Y., credit union is both a participant in Covera, the debit and credit processing firm that is an affiliate of the Credit Union Association of New York, and USNet, the shared branching network owned by New York credit unions and the CUANY.
“This technology allows Melrose and shared branch members to conduct teller transactions 24/7, thus alleviating the stress caused by long lines in the teller window queuing area of our lobby,” said Robert Nemeroff, Melrose CU’s director of marketing/public affairs.
“In addition, it offers users the ability to use ATM technology without the need of an ATM or debit card,” Nemeroff said.
He said any card with a mag stripe that contains the user’s exact information as it appears on their credit union account is the basic requirement, “so indirectly, the machines minimize the potential for lost cards by reducing the amount of cards people need to carry around.”
Both Covera and UsNet are partners with CO-OP Financial Services.
“Because CO-OP NextGen ATM migrates routine teller transactions – including shared branching transactions – into the ATM channel, credit unions can maximize branch efficiencies,” noted Marc Inger, COO of UsNet.
“This solution also helps credit unions differentiate from big banks by expanding the unique benefits of shared branching,” Inger said.