By Ray Birch
CINCINNATI—As long lines of concerned members continued Monday at Sharefax Credit Union offices—still seeking answers after a recent core system conversion caused widespread account issues—the $523-million institution said it is making progress in resolving the problems.
Monday morning, CUToday.info observed a crowded Sharefax branch in Batavia, Ohio, but conversations with both members and CEO Todd Cain indicate the credit union may be turning the corner, having resolved many members' issues.
As CUToday.info reported, Sharefax faced a great deal of member backlash last week following problems with a core system conversion that affected members’ accounts. 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. Members reported they were having trouble accessing their accounts, were saddled with erroneous debit charges and fees, and had issues with bill pay.
One member who spoke with CUToday.info last week said a number of recent debit card transactions had been recorded twice, leaving him with no money in his checking account.
CEO Todd Cain spoke with CUToday.info Monday, stating the problems resulted from the shift from a Fiserv core platform to Share One. Cain attributed the problems to a vendor issue that occurred while Share One upgraded its systems.
Working Diligently
“In terms of mobile and online banking, those platforms have been up and working outside of Monday afternoon last week,” Cain asserted. “We did experience some latency.”
Cain said Sharefax has been working diligently over the past week to correct the problems with debit transactions being posted twice to members’ accounts, which led to overdraft charges and negative balances. The CEO contended those problems have been resolved.
CUToday.info Monday spoke with two members who last week reported problems with inaccurate debit charges and negative balances, and both said that after some detailed conversations with Sharefax Monday, their issues have been resolved.
Cain apologized to credit unions in a letter posted on the organization’s website.
"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 told CUToday.info Sharefax has been working closely with impacted members.
“Sharefax Credit Union, in partnership with Share One, is committed to making this right and explaining how members can contact Sharefax if they have further concerns or believe that any charges or fees have not been fully addressed, including any potential late fees or other charges imposed by third-party merchants or providers,” Cain said.
But one member named Andrew who had to raid his daughter’s piggy bank to get by last week said he is still not happy, despite his account being back in order.
“It took them a darn week or more,” he said. “I went through a heck of a lot of trouble. It was just a lot to go through.”