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SHAZAM, CO-OP form ATM sharing partnership

October 18, 2012

CO-OP Financial Services and the SHAZAM Network have agreed to let members of participating credit unions access surcharge-free and shared deposit ATMs nationwide.

The agreement, announced today, was made possible through the work of The Members Group, a Des Moines, Iowa-based company that is a business partner with both CO-OP and SHAZAM. TMG and CO-OP formed a strategic partnership in January which included an investment in TMG by CO-OP.

"This agreement provides for a significant expansion of convenient access to accounts for members of credit unions in the SHAZAM Network," said Stan Hollen, president and CEO of CO-OP, in the announcement of the agreement.

Hollen said credit unions can now build stronger ties to their members and can continue to be available to their members virtually everywhere, regardless of whether the members are a few miles from home or across the country.

"CO-OP and SHAZAM share the same focus and commitment to delivering more convenience and cost savings for our members," said Dan Kramer, SVP of marketing and merchant services for SHAZAM. "This new alliance allows us to continue to realize our vision of open access and also paves new inroads to allow our financial institution partners to compete more effectively and profitably."

CO-OP Network, the nation's largest ATM network specifically for credit unions, has 30,000 ATMs nationwide. Many CO-OPs are located in retail establishments such as Costco and Walgreens.

The SHAZAM Network, one of the last remaining member-owned and controlled EFT networks and processors in the industry, provides EFT services to community financial institutions in 33 states.

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