CU*Answers recently announced the release of its Mobile Text Banking offering. They said this newest tool is being offered to credit unions utilizing the CU*BASE processing system.

CU*Answers said with this offering, clients may now select from two mobile products: Mobile Web Banking, which is an automatic redirect from the Its Me 247 Online Banking system, and is provided free of charge to every CU*BASE client; and its Mobile Text Banking offering.

They stated that the conveniences provided within its Text Banking product include:

• Members may text-message requests and receive text-message replies on available balances on accounts at any time.
• Members may select to have timely e-Alerts sent to their mobile device as a text message—such as available funds dropping below a desired level.

They added that its Text Banking tool will be provided free until March 1, 2012. At that time, credit unions will be charged a fee of $0.0325 (3.25 cents) for each out-going text message. Incoming texts, such as an incoming member balance request will be free.

Scott Page, CU*Answers EVP says, “although CU*Answers is not the first to release Text Banking, we elected to take the programming initiative for developing much of this product internally, versus purchasing through a third party provider. Our history has proven this approach to be a far better strategy as it allows the CUSO to completely manage its on-going development path and CU*BASE integration processes. Perhaps as important, it provides the added benefit of offering tools such as this at a small fraction of the price we often see from others—including no upfront client investment. We have also embedded a variety of automated fee configuration waiver options, for which each CU*BASE client may customize to their membership.”