CU*Answers Designing Business Servicing Fee Packages

Grand Rapids, MI – July 21st, 2011
CU*Answers says that it is planning some new tools to assist credit unions who need a business member fee program that more closely mirrors what is typically offered by banks.

According to the West Michigan-based provider of CU*BASE core data processing services, the tools are intended to meet the needs of business members who are looking for programs that follow more classical conventions than what has traditionally been offered by credit unions. CU*Answers continued to say that the new feature will bundle and aggregate all business servicing fees, calculate an offsetting credit (subtracting dividends paid, if desired) and post a single business servicing fee once each month. The credit union may defined if it should appear to the member as either one net transaction that includes both fees and an offsetting credit combined, or the credit union can choose to post two separate transactions: a summarized fee debit transaction and a calculated credit transaction.

For more information, access the Proposed Project Overview for Business Servicing Fee Packages: