By Ray Birch
CINCINNATI—Another credit union is facing member backlash following problems with the rollout of new online and mobile banking applications that accompanied a core system conversion. The problems even forced one member to break into his daughter’s piggy bank to get money for his family.
The conversion at Sharefax CU took place May 31-June 1, and member problems apparently began June 2.
CUToday.info visited the $523-million Sharefax Credit Union’s Ivy Gateway office June 3 only to see a long line of members waiting to speak to a teller regarding problems they were having accessing their accounts, addressing erroneous charges and dealing with bill pay issues.
One member who spoke with CUToday.info said a number of recent debit card transactions had been recorded twice, leaving him with no money in his checking account.
Another member shared a similar story, adding the double charges led to a negative balance and OD fees totaling $130. After calling the credit union, the member was told she would have her fees reversed.
A member named Andrew, who permitted the use of his first name, told CUToday.info that early last week he was left without any money to live on.
“I had to actually go to my daughter’s piggy bank and get what little money she had, because I had no access to my funds,” he said. “The credit union had us negative $400 or $500. And my daughter’s $90 cheerleading fee got bounced, and that did not make us look good with people we know—like we don’ have any money. It’s just been a bunch of stuff all week, trying to work with the credit union to tell them what we really have in our account, telling them we need money to live on. They gave us $100, but that doesn’t go far anymore. And trying to get a hold of the credit union is very, very difficult.”
Andrew said Sharefax won’t tell him when the problems will be resolved.
“The people just tend to say they are working on the problem. Sharefax has dropped the ball here, to say the least,” he said.
Todd Cain, CEO of Sharefax Credit Union, issued a statement on the CU’s website acknowledging the disruptions caused by the system conversion--the statement did not indicate how many members have been impacted.
"Sharefax Credit Union recognizes that following a weekend closure, our recent system conversion led to unexpected disruptions in member accounts, including some double postings and incorrect fees," said Cain. "We understand that this situation caused frustration and inconvenience, and we deeply regret the impact it had on our valued members."
Cain, in a statement to Local 12, assured members the credit union is actively working to correct all impacted accounts and reverse any duplicate transactions and fees.
"Our highest priority is to maintain trust and provide reliable financial services. For 65 years, Sharefax has been committed to keeping our members’ money safe. No member will lose money because of these errors," he said.
Sharefax’s issues come less than a year after $15-billion VyStar CU in Jacksonville, Fla., was fined $1.5 million by the CFPB for the botched rollout of mobile and online banking platforms.
CUToday.info has reached out to Sharefax for comment.