CO-OP Network, 7-Eleven Cooperate
Deal will provide enhanced ATM access for credit union members
Published in CSP Daily News
DALLAS -- CO-OP Network, the nation's largest credit union network of surcharge-free ATMs, and 7-Eleven Inc. have reached an agreement to provide ATM access for Network members in 7-Eleven stores across the United States. Approximately 5,300 7-Eleven stores in 30 states will offer surcharge-free ATM access to 24 million credit union cardholders carrying the Network logo beginning December 1.
"Driving new customers to our stores will be one of the primary benefits of this relationship," said Rick Updyke, 7-Eleven's vice president of business development. "7[image-nocss] -Eleven's convenient locations will provide millions of CO-OP Network credit union members with greater access to surcharge-free ATM services."
CO-OP Network consists of 1,848 member credit unions with a combined total of 24 million cardholders. These credit union members currently have surcharge-free access to 25,000 Network ATM terminals across 50 states and throughout Canada at credit union branches, airports, supermarkets and convenience stores.
"CO-OP Network's goal is to recommend using ATMs in well-lit, high-traffic areas, which makes 7-Eleven a great partner for us," said Stan Hollen, CO-OP Network CEO. "7-Eleven, with its well-recognized brand and broad store coverage in the United States, will provide an ideal complement to our existing ATM locations. Since 2000, CO-OP Network ATM access has grown by more than 500%. With more ATMs where our members live, work and shop, credit unions are providing a convenient way to compete nationally with larger financial institutions."
CO-OP Network established in 1981, is wholly owned by its credit union shareholders and provides volume discounts on products and services that include risk management as well as debit and deposit access. CO-OP Network, whose membership has access to more than 800,000 ATMs worldwide through links to NYCE, STAR, Cirrus, Pulse and Plus, also offers national shared branch services via its subsidiary, Service Centers Corp., Southfield, Mich.
Meanwhile, Seven-Eleven Japanthe Tokyo-based convenience store unit of Seven & I Holdings Co. Ltd. that now owns 100% of 7-Eleven Inc. in the United Statessaid it is in talks with Yahoo Japan Corp., the country's top Internet portal, on a comprehensive operational linkup, said Reuters Through the alliance, Japan's biggest convenience store chain could act as a distribution site for products purchased on Yahoo Japan's online auction service.
The two companies will also consider setting up a joint web page and joint sales campaigns to attract more customers to their stores and sites.
A Seven-Eleven Japan spokesperson said the two companies were not considering a capital tie-up.
Seven-Eleven Japan and Yahoo Japan set up an online shopping venture in 1999. The two companies said Seven-Eleven Japan would boost its stake in the company, Seven & Y Corp., by purchasing shares from Yahoo Japan by February and that the venture would become a subsidiary of Seven & I.