cuasterisk.com As many credit unions are jumping into the Health Savings Account (HSA) arena, CU*Answers recently announced that HSA’s are now included as a standard feature within its core CU*BASE processing system. CU*BASE contains all the basic tracking tools to make it easy for clients to monitor activity and report the necessary information to the member and the IRS at tax time. CU*Answers will not charge any extra fees for providing this popular module.
While the title HSA’s often implies savings accounts, clients may set up both savings and checking account dividend applications to function as HSA’s. CU*Answers says it’s CU*BASE tools are designed to allow clients to open accounts, assign deposit and withdrawal codes to individual transactions, verify HSA balances, and handle annual tax-related responsibilities. Similar to IRA’s, default annual deposit limits may also be configured for both single and family plans.
CU”*Answers clients can create these products using either the Share or Share Draft/Checking application type – meaning that if a client has set up a separate BIN with its debit card provider, their HSA program can even offer debit card access to its members — providing additional flexibility and convenience.
About the Partner
CU*Answers
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned CUSO providing services to credit unions representing nearly 1.5 million members and $10 billion in credit union assets. For more information, visit cuanswers.com.
