The following shared branching services must be provided: deposits, withdrawals by cash and check, account inquiries, statement prints, transfers and loan payments. You can choose to implement maximum cash and check withdrawals for shared branch transactions. CO-OP Shared Branch Operating Rules and Regulations require a minimum of $500 per day, provided the member has funds available.
Member identification requirements also remain in effect. Guest members must present valid ID and the ID must be verified to ensure the correct account is being accessed. The following are required for verification:
- • Photo
- o The photo on the ID must match the individual performing the transaction, while taking into consideration common differences that may exist (e.g., use of eyeglasses, hairstyle change, etc.
- • Name
- o The Guest Member’s last name appearing on the identification must match the name appearing on the Guest Member’s account, including correct spelling.
- o First name must match, while taking into consideration formal versus common name as acceptable (e.g., Thomas versus Tom).
- o If a middle name or middle initial is present it must match. The MSR should request verbal confirmation of the middle name/middle initial if listed on the account, but not present on the ID.
- • Date of Birth (DOB)
- o The DOB of the Guest Member must match.
- o If the DOB is not present on the form of ID being validated, the DOB should be confirmed verbally against what is listed on the account.
- • Last 4 Social Security Number (SSN)
- o The last 4 digits of the SSN must match. If the last 4 digits of the SSN are not on the form of ID being validated, they should be confirmed verbally against what is listed on the account.
ID verification must be documented. The network does not prescribe how to document verification. The credit union’s existing processes will be utilized, including how and what information to document.
According to CO-OP Shared Branch Operating Rules & Regulations, the Acquirer must retain a copy, paper or electronic, of all transaction requests/vouchers or receipts, that includes the Guest Member’s signature in accordance with industry acceptable retention guidelines. If your credit union normally uses signature pads for shared branching transactions, it would be necessary to adjust your procedures and require a physical signature for shared branching transactions processed through the drive thru.
Shared Branching is one of the best examples of credit unions’ cooperative spirit. As we face this crisis, let’s make sure that consumers won’t have to worry about how they will access their credit union accounts.
Please let us know if you have any questions or if we can provide additional information.