Last week, CU*Answers announced plans for reducing certain fees for credit union’s utilizing its CU*BASE processing fees system. In its statement, CU*Answers said these applicable fee reductions would be provided for several services, including:
- A 10% reduction in EFT transaction posting fees
- Contract COLA (cost of living allowance) would be reduced by approximately 50%
- The minimum Resource Utilization monthly transaction fee of $500 would be waived, and only actual volumes would apply.
- A series of Lender*VP service fee’s as pertaining to various CU*BASE lending processes and 3rd party integration will be waived 100% for the next 2-years.
CU*Answers said these fee reductions represented its on-going CUSO commitment for working closely with its clients to help reduce various processing fees paid over time, while assisting in their ability to implement desired new technology services to members, at either a considerably reduced – or free price point.
It concluded by stating a key component to this on-going strategy is a participation commitment by its Board of Directors and Management to reduce fees as various programming and other R&D related costs are written down over time, thus allowing clients to apply those savings in other ways for assisting their membership.