CU*Answers Offers New Reg. E Reporting Tool

CU*Answers, a provider of core data processing and services to credit unions, has announced on its website that it has released a new Fee Analysis by Opt In/Out Status feature for the CU*BASE system.

According to the CUSO, a new report query option provides analysis of the potential impact on fee income as a result of Reg. E.  This tool will show members that have Opted In or Out that also had fee activity from January to June of 2010.  Credit unions also have the ability to view listings of all members that have elected to Opt In or Out, regardless of whether applicable fees were posted in the first half of the year.  The announcement reminds credit union leaders that the information pertains to ATM/Debit card activity only.

CU*Answers also recommends that credit unions should use the information provided from the report  to contact members that have Opted Out, and persuade them of the benefits of Opting In.  It continues to say that fellow network partner, Xtend, provides outbound member contact services through its Xtension Call Center, and does provide this specific Opt In/Out call service.

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