April 9, 2008 As the Maine Credit Union Shared Branch Network marks its fourth anniversary this month, statistics over the past year indicate that the growth of this network in Maine continues at a rapid pace. In the past year, the number of shared branch locations in Maine has increased by 35% (from 60 to 81 locations), while the number of credit unions participating in the network has grown by 20% (from 23 to 28) over that time period, as well. The Maine Credit Union Shared Branch Network now gives participating Maine credit unions more branches statewide than any other financial institution in the state.
Introduced in Maine in April 2004, the Shared Branch Network enables members of participating credit unions to conduct most financial transactions at any other participating credit union in Maine and nationwide and be treated as if they were in their own credit union. From cashing checks and making loan payments to a variety of other financial transactions, shared branching provides credit union members with unmatched convenience at no charge. Today, more than 330,000 of Maine's 600,000 credit union members use a credit union that is part of this network.
In addition to Maine, credit union members can access shared branching locations at more than 3,100 locations nationwide including the 81 in Maine.
"Shared branching is about Maine credit unions coming together to make using a credit union more convenient than ever without any hidden fees for the consumer. We are pleased at the significant expansion of locations giving more than half of Maine credit union members access to this service with more credit unions and locations added nearly every month," commented John Murphy, President of the Maine Credit Union League.
The recent additions to the shared branch network include Community CU (Auburn and Lewiston); Eastmill FCU (East Millinocket); and York County FCU (Biddeford).
In addition to the shared branch network, participating Maine credit unions also offer one of the largest surcharge-free ATM networks in Maine with nearly 200 ATMs from Fort Kent to Kittery through the CU24 SurF (surcharge-free) Alliance.
For a complete list of shared branch locations in Maine and nationwide, visit www.mainecreditunions.org and click on the shared branch link.
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