Updated PaCUSC Contact Listing
For your convenience attached is the updated PaCUSC Contact Listing. Several changes have been made to this list, so please discard any old lists and replace it with this one.
If you have any changes, please notify Sandy so we can keep this information accurate for all credit unions.
Computer Based Training
We are pleased to announce the addition of another computer based training (CBT) module, Shared Branching Operations. The Shared Branching Operations module was added the end of October and is the longest module due to its content. The module could take approximately 45 minutes from beginning to the end which includes the quiz at the end of the module.
If your credit union has questions on the computer based training modules, please contact Sandy Shenk.
Watch for additional modules to be coming soon!
Shared Branching Receipts – Are you in Compliance?
The CO-OP Shared Branching Polices and Procedures outline what should be contained on the receipt:
Each data processor has specifications from CO-OP Shared Branching regarding what is required to print on the receipts. Data processors are instructed to truncate account and sub-account numbers that are displayed and mask all but the last few characters in these numbers for security.
Either the swirl logo or the words “CU Service Centers” must appear on shared branching transaction request/vouchers and receipts issued by the acquirer when provided to the guest member. The use of a rubber stamp is permitted.
The members will receive a receipt for each transaction displaying:
Click here for a sample receipt for your reference
- Member's credit union name
- Member's name
- Amount and date of the transaction
- Service Center location
- MSRs ID number and transaction sequence number
- The MSR must have the member’s signature on the receipt or the transaction request/voucher
- Identification information for the person completing the transaction must be noted on the transaction request/voucher, acquirer software application or receipt (Type of ID, ID number, state of issuance and expiration date).
. Please review the receipts that your credit union provides to shared branching members to ensure that the credit union is in compliance with the above policies. If you find that the credit union is not in compliance, we ask that you work with your data processor to correct these items.
If you have questions or need further clarification, please contact Sandy Shenk at 800-932-0661 extension 5267 or by email firstname.lastname@example.org
Shared Branch Staff Helps Member Avoid Scam
Given the opportunity, credit union staff will always try to prevent their members falling prey to fraudulent scheme. This includes shared branching credit unions willing to go the extra mile to look out for the interest of a member from another credit union.
One day, “Ron” and his wife visited a shared branch location of Clearview FCU to deposit a check he had received in the mail, and wanted to withdraw cash at the same time. While Ron’s wife was skeptical…Ron was not.
Even though Ron was a member of another credit union using a shared branch, the Clearview teller began to explain why she thought this was a scam that warranted further investigation. Before completing the transaction, the teller faxed copies of the documents over the credit union’s fraud department that verified it was a scam.
Clearview FCU shared a few red flags from this particular situation:
- The envelope did not have a return address, but had a Canadian postmark
- The letter head had a Harrison, NY address, so why would anyone go to Canada to mail it
- The member did not apply to do this job – it was an unsolicited approach
- No company would mail an official bank check to someone that they do not know if they’re going to take the job or not
- The letter asked they send the funds via Money Gram or Western Union
- The member has to call after they did the transaction, so the fraudster can reroute the funds. At that point the member cannot stop the money or revoke it.
- The dollar amount is between $1,950.00 and $4,950.00.
The credit union will discuss this situation at their next IAFCI meeting, as well as turn the solicitation over to the U.S. Postal Inspectors.
Our thanks to Clearview FCU for sharing this with PaCUSC and using their same fraud prevention measures for shared branching members!
CO-OP Financial Services and FSCC Announce Intent to Combine Shared Branching Services
On Tuesday, September 20th, CO-OP Financial Services and Financial Service Centers Cooperative, Inc. (FSCC) announced that the Board of Directors of the two companies have approved a letter of intent to combine operations, unifying credit union shared branch services.
The two companies expect the combination of shared branching services to not only provide a significant expansion of outlets for credit union members, but also greater efficiencies in branding, technology and administrative costs that can be redirected to more competitive pricing and enhanced patron dividends for network participants.
Between the two companies, more than 1,700 credit unions nationwide participate in shared branching, making more than 4,400 physical branch locations available to their members, plus 2,200 Vcom® kiosk locations at 7-Eleven stores.
Under the terms of the agreement, FSCC President/CEO Sarah Canepa Bang will join CO-OP as President and COO of FSCC, and as Chief Strategy Officer of CO-OP Shared Branching. CO-OP and FSCC expect the transaction to close within 120 days.
“I am excited for the credit union movement as this combination will advance the vision of FSCC to have every branch of every credit union an outlet,” said Bang. “There’s no denying that FSCC and CO-OP have been terrific competitors – imagine what we can do together. CO-OP and Stan Hollen personally played an historic role in the creation of FSCC, and now with the combining of the two companies, it is very much a case of our business coming to a logical full circle.”
“The combination of CO-OP and FSCC will blend the strengths and value of both companies, creating a more tightly integrated and efficient shared branching network for our movement,” said Stan Hollen, President/CEO, CO-OP Financial Services. “With more than 4,400 branch locations, credit unions have at their disposal the fourth largest network in the country, behind the three largest national banks. This truly enables credit unions to compete and win against banks in terms of the access and convenience they can offer their members.”
“We are looking forward to Sarah Canepa Bang and her team joining CO-OP and to the critical role she will play in working with all shared branching leadership to develop and move a unified strategy into the future,” said Hollen.
Planning for the Worst: Disaster Recovery
August was a month of natural disasters for the nation, with Hurricane Irene threatening the Eastern coastal cities, and the earthquake that was felt from Georgia to New York. The risk of natural disasters creates a need for credit unions to have thorough disaster recovery plans. CO-OP Shared Branching proves a valuable solution for credit unions by offering members over 4,400 alternate branches should the credit unions’ branches be incapacitated. Not only can members be serviced by visiting shared branching locations, but there are many other ways for members to access their funds in a time of disaster.
CO-OP’s newest offering, CO-OP Mobile Text, can be an easy fix for credit unions looking for a solution in aiding in the time of a disaster. The service can be implemented in one week’s time, and has no up-front or monthly fees; pricing is based on usage at $.12 a transaction. Members can perform account transfers, view transaction history and check account balances anytime, anywhere, using their mobile device with CO-OP Mobile Text. Credit unions can easily expand their mobile offering after deploying CO-OP Mobile Text by adding other delivery modes offered through CO-OP Mobile.
Members can also take advantage of the Credit Union Service Centers Call Center during an emergency situation by calling the toll-free number, 1-888-837-6500 and speaking to a CO-OP Member Center agent, who can perform same account transfers, balance inquiries and transaction history look-up 24/7/363. CO-OP Member Center also offers two levels of service for credit unions, Member Services and Lending Services, where the call center can act as a back up during peak business hours, or during a time of a disaster.
For more information on CO-OP Mobile Text or the Credit Union Service Centers Call Center, contact Sandy Shenk at 800-932-0661 extension 5267 or by e-mail at email@example.com