CO-OP Network Gaining 7-Eleven Machines, Losing TRM Machines

ONTARIO, Calif. – CO-OP Network, the nation’s ATM network with the largest number of credit union owners, made news last year by renewing a previous relationship it had with 7-Eleven. Under the terms of that revived relationship, members of CO-OP network credit unions will be able to use 5,300 ATMs at 7-Elevens nationwide, most of which are well known and easily identifiable. But at the same time, the network has announced that it is phasing out much of its relationship with TRM, moving away from using most of its 5,000 Access Cash machines which, the network said, have become more expensive to use and whose volume has dropped. “It’s really just as simple as the numbers,” said CO-OP Network Executive Vice President Jim Hanisch. “Our board asked us to look at the numbers of our relationships and their numbers weren’t as pretty as they once were,” he added. The transition away will take place over the next 90-120 days, the network said, but the initial 2,000 7-Eleven machines will come online as fee-free CO-OP machines over the course of 2006, leaving some ATM holders possibly without either their familiar Access Cash machine or an available 7-Eleven machine for a time. The network will maintain its relationship with TRM for the use of roughly 1,000 ATMs, which are placed in The Pantry and Cumberland Farms convenience stores from Maine to Florida, the network said. At the same time CO-OP announced that it was raising the interchange for transactions at third party deployed ATMs at Publix, Cumberland Farms, The Pantry, FCTI and 7-Eleven locations. As of May 1, 2006, the price for these transactions will increase from 60 to 70 cents to reflect the rising costs on the parts of the deployers, the network said. “CO-OP Network exists to provide its members with the best service and pricing available, and in the past nine years our board has issued nine price reductions totaling $20 million annually,” the network’s announcement read. “However, the business landscape is consistently shifting, and this 10-cent increase is a direct reflection of costs incurred by our third party partners.” [email protected]