GRAND RAPIDS, Mich.–CU*Answers said it is now working with 15 chartering efforts, underway in multiple states, that have requested support from the CUSO and its de novo scholarship program. The program provides a two-year waiver of all core processing fees, and includes CU*Answers’ home banking solution, It’s Me 247, and full-service mobile banking platform.
“In the last 13 years, 12 credit unions have taken advantage of our two-year waiver of all core processing fees and in the last year we have seen an extraordinary growth of organizing efforts nationwide,” reported Scott Collins, EVP of national sales and marketplace relations for CU*Answers.
Collins explained that while the trend towards consolidation and mergers cannot be denied, the 135 credit union owners of CU*Answers remain committed to supporting any organization, association or group of individuals sharing a common bond and desire to start their own credit union.
“There are lots of barriers to starting a modern credit union,” said Vic Pantea, manager of marketplace alliances, “and we intend to exercise all of our cooperative assets and expertise to make sure that as many of those barriers are either eliminated or reduced for any de novo initiative that reaches out to us.” CU*Answers said its network partners, Xtend and eDOC Innovations, have also stepped up to offer their menu of solutions at introductory price levels to help support a new vision of what a start-up credit union’s income and expense statement should look like.
Pantea added that the diversity of communities coming forward seeking new charters is encouraging for the credit union industry. “We have economic empowerment groups with geographical fields of membership, traditional company or industry-based efforts, ethnic associations, religious based groups and charitable associations.”
“Those of us who believe in the co-operative business model need to walk the talk,” said CEO Randy Karnes. “Our CUSO and many others have benefited from practicing and perfecting the cooperative principles first identified in Rochford, England in 1844; we hope that other CUSOs and credit unions will join us in supporting those who dream of owning and participating in the only truly democratic financial institution model, today’s credit union.”
New Project Launched
Separately, CU*Answers said it has launched a development project that will add a new private communications channel where members using the It’s Me 247 online and mobile banking platforms will be able to send secure messages directly to the credit union via the CU*BASEcore processing platform.
CUs can respond to messages directly through the core, with the response appearing to the member the next time they log into their accounts via It’s Me 247, the CUSO said.
According to CU*Answers, the project expands the existing “Contact Us” feature in It’s Me 247 and takes advantage of the secure connection between online/mobile banking and the credit union’s desktop tools.
“The existing tool basically just lets the member say, ‘Hey, somebody please call me,’” said Dawn Moore, VP of the Writing Team/Product Design. “With private contacts, the member can fully explain their situation, including account and personal details, and know that information will remain private and secure on its way to the credit union member service desk.”
The project is being championed by TruChoice FCU in Portland, Maine, which will be converting to the CU*BASE platform in March.