CU*Answers, the Grand Rapids, Michigan-based core data processing CUSO, announced that it is reducing or eliminating some of its core data processing fees for credit unions with fewer than 2,000 members in an effort to help those credit unions reduce their overall expenses. These pricing changes will become effective with the release of the CUSO’s 2018 Pricing Guides on January 1st.
CU*Answers Executive VP Scott Collins said: “During our 2017 Leadership Conference this past summer, our CEO Randy Karnes announced to our customer-owners that the CUSO planned to reduce or eliminate fees to the tune of more than $2.5 million over the next three years. The pricing actions we are taking with this year’s pricing guides are the first step in that direction. As a cooperative that is 100% owned by our credit unions, our mission is to help credit unions of all sizes survive and thrive, and we feel these fee reductions will not only help our partners from an expense standpoint, but also free up some funds to invest in their growth initiatives.”
Specific pricing initiatives for credit unions under 2,000 members include the waiver of the CUSO’s e-commerce fee (which includes online banking, mobile app, e-statements and e-notices) and many fees related to the processing of online ATM and debit card programs.