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CO-OP Financial Services Tallies 2.8 Billion Member Payment Transactions in 2013
Thursday, January 9, 2014 7:00 AM

CO-OP Financial Services established a new annual record in 2013, processing 2.8 billion electronic funds transfer (EFT) and shared branch transactions by credit union members, an increase of 10 percent compared to 2012.

The annual record was padded by a busy last few days of the holiday buying season, with a new single day record of more than 9 million transactions recorded Dec. 21. In addition, new records for transactions in a single hour, minute and second were set on Dec. 24, highlighted by a peak of 223 transactions per second.

"CO-OP is dedicated to helping credit unions become the primary financial institution of its members by maximizing consumer convenience," said Stan Hollen, president/CEO of CO-OP Financial Services. "The new transaction processing records set by CO-OP in 2013 demonstrate that credit unions can compete with anyone in terms of terms of debit, credit, ATM and branch services."

At a growth rate of 10 percent, CO-OP Financial Services would surpass 3 billion transactions in 2014, which means the company is reaching milestone figures at an accelerating pace. In 2004, the company reached 1 billion in annual transactions and in 2010 CO-OP Financial Services first topped 2 billion transactions.

CO-OP Financial Services is a business partner of Credit Union Resources, Inc.