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 15^th.  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.

Download Press Release