ONTARIO, Calif. - Co-Op Network posted a record of more than 1 billion transactions in 2004, a 21 percent increase from 2003. This marks the 12th consecutive year the network has achieved a new standard for transaction volume.
"Reaching the one billion transaction mark is a significant milestone since, in light of recent industry mergers, Co-Op Network finds itself as the largest financial institution-owned network in the U.S.," said Co-Op Network Chief Executive Robert Rose.
The most significant segment jump in Co-Op transactions was an increase of more than 5 million monthly PIN debit transactions in 2004. For the year, Co-Op Network PIN debit transactions rose an overall 34 percent; signature debit transactions increased 25 percent.
Several other factors contributed to Co-Op Network's record transaction growth in 2004, including the addition of nearly 435 credit union clients, 1,912 ATMs and 1.5 million cardholders.
"Credit unions have modernized during the last decade and incorporated a number of different delivery channels into their infrastructure," said Rose. "As such, we see more people joining and utilizing credit unions as their primary financial institution."
