cuasterisk.com A new tool to assist credit unions in handling account adjustments has been added to CU*BASE, the feature-rich core data processing solution offered by the West Michigan CUSO, CU*Answers.
A new Effective-Dated Account Adjustments tool is one of the CU*BASE 9.4 enhancements being made available to credit unions as early as November 15th. This tool can be used to post a transaction to a member’s account and have the system automatically calculate the adjustment to interest or dividends according to a member’s account and have the system automatically calculate the adjustment to interest or dividends according to the effective date of the adjustment. Basically, it adjusts simple, common types of transactions with a notation in transaction history indicating the effective date.
The CUSO is careful to note that this is not back-dating. CU*BASE does not insert the transaction using a prior date, as if it had been posted then, it simply calculates the net effect on interest and dividends, then posts a transaction today that brings the account in line. The tool currently supports Average Daily Balance savings/checking and 365-day interest loans.
CU*Answers continues to say that it has already begun plans to move forward and add more functionality to this tool, specifically adding the ability to effective-date on savings accounts with the simple-daily dividend calculation type, as well as the average daily balance interest calculation type that is used for online credit cards.
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.
