Cooperative CUSO and core data processor, CU*Answers, recently announced that with the 15.0 release of its CU*BASE^® core processing platform it will enhance its Fee Income/Waiver analysis. Currently the dashboard shows information on the number and dollar amount of the credit union’s fee waivers. With the upgrade, two new features will be added that will allow credit unions to see fees that were reversed (refunded) via member account adjustments and transaction reversals, with filtering options to group by types of refunds and G/L offsets. The second enhancement will be the addition of fee waivers by employee so that credit union supervisors can see a breakdown of fees refunded by each individual staff member.

Per a CU*Answers representative, “This enhancement will give credit unions the ability to see whether they have an employee that constantly refunds a fee for a service or product. Or is there a product that is constantly waived and maybe we need to look at whether the fee is worth keeping or do we have to educated the staff on why we have that fee and why it is important to the credit union.” The enhancement will give credit unions a better idea of the day-to-day operations, and the analytics necessary to improve current processes.