CU*Answers Releases Software to Aide in Rebates to Members

CU*Answers, the Michigan-based cooperative recently released software that allows credit unions to pay bonus dividends on share products and pay loan interest rebates on loan products. This particular software is especially popular near the end of the calendar year as credit unions look to reward members for their participation within their cooperatives. The software allows credit unions to configure their rebates, run a simulation to estimate expense, and schedule the rebate for posting.

The Bonus Dividend/Loan Interest rebate program is not the only option available to CU*Answers credit unions wishing to reward their members, as the Patronage Dividend program is also a desirable option. The Patronage Dividend program was designed to pay one rebate that is indicative of the entire member’s relationship and participation with the credit union. Both of these options allow credit unions to promote the credit union difference by awarding member owners for their participation for a certain time frame or during the entire year.