CO-OP Financial Services, formerly known as CO-OP Network, is an interbank network

Interbank network

An interbank network, also known as an ATM consortium or ATM network, is a computer network that connects the ATMs of different banks and permits these ATMs to interact with the ATM cards of non-native banks....

 connecting the ATMs of credit union

Credit union

A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...

s in the United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

, with locations also in Canada

Canada

Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...

 and certain United States Navy

United States Navy

The United States Navy is the naval warfare service branch of the United States Armed Forces and one of the seven uniformed services of the United States. The U.S. Navy is the largest in the world; its battle fleet tonnage is greater than that of the next 13 largest navies combined. The U.S...

 bases overseas. It is the largest credit union-owned interbank network in the US.

History

• 1981: The CO-OP Network begins, when 20 credit unions in California
  California
  California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
  
   unite their 32 ATMs.
• 1986: The first CO-OP ATMs are deployed at 7-Eleven
  7-Eleven
  7-Eleven is part of an international chain of convenience stores, operating under Seven-Eleven Japan Co. Ltd, which in turn is owned by Seven & I Holdings Co...
  
   stores.
• 2002: The network includes its first Canadian member, CS CO-OP
  Alterna Savings
  Alterna Savings & Credit Union Ltd. is a Canadian credit union, formed in 2005 by the merger of CS CO-OP and Metro Credit Union, which provides full daily banking services, loans and mortgages, investment services and business banking. At the close of 2006 Alterna Savings had CN$1.7 billion in...
  
  .

Shared branching

CO-OP Financial Services also provides what the company calls shared branching, through its subsidiary Service Center Corporation, acquired in 2002. Members of 250 credit unions can perform most teller transactions at any one of the network's 2,056 branches. This system was founded in 1975 by five Detroit-area credit unions to minimize costs associated with having their own branches.