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CU*Answers History

Timeline

  • 1970 West Michigan Computer Co-Op, Inc. (WESCO) organized as a non-stock cooperative to provide low-cost data processing service for credit unions. Stats: 9 board members; 1 client with 7,500 members processed on the NCR platform; approximately 5 staff members.
  • 1973 3 clients with 21,000 members processed
  • 1976 42,000 members processed
  • 1978 66,000 members processed
  • 1979 22 clients; total revenue of $27,000; 8 staff members
  • 1980 First ATM connection tested
  • 1982 Introduced Fed deposit services
  • 1984 Introduced check processing services: 5 checks processed per day
  • 1985 42 on-line data processing clients, 16 check processing and 8 Fed deposit clients; assets $543,000; gross processing revenues $693,000. Reorganized as a stock cooperative with 19 original owners
  • 1990 36 data processing clients, 44 check processing and 12 Fed deposit clients; assets $853,000; Board reorganized to 7 members comprised of CEOs of data processing clients; relocated to Eagle Park Drive location
  • 1991 Opened Saginaw Item Processing branch
  • 1994 Converted from NCR to AS/400 platform; Randy Karnes hired as President/CEO
  • 1995 Moved to Kentwood location; 26 owners; 41 data processing clients, 83 check processing and 82 Fed deposit clients; assets $2,414,191
  • 1996 Self-processing (in-house) services introduced; first client converted outside of Michigan
  • 1999 CU*@HOME PC Home Banking introduced
  • 2000 WESCO recognized as "2000 Operational CUSO Of The Year" by NACUSO; introduced CU*BASE GOLD and a new TCP/IP network; web development services introduced
  • 2001 CU*EasyPay! online bill payment introduced.
  • 2002 CU*Answers announced formation of Xtend Financial Services CUSO.; WESCO Net (now Network Services) founded to handle technical needs of clients; partnership with CoWWW results in introduction of CU*SPY online archival of statements and reports.
    Xtend Network Services
  • 2003 WESCO changes its name to CU*Answers, reflecting more their place in the credit union industry.
  • 2004 CU*Answers implements High Availability strategy for Disaster Recovery; CU*Answers annual revenues exceed $15 million; 698,500 CU*BASE members processed daily; CU*BASE Processing Agreement signed with Franklin & Associates (now CU*NorthWest CUSO).
  • 2005 CU*Answers expands to its newest 28th Street facility; CU*Answers converts its 100th CU*BASE client representing 13 states; CU*Answers has record year for CU*BASE members converted (100K+); Collaborative Marketing piece delivery exceeds 800K.
  • 2006 CU*Answers partners with Gulf Data Systems (Mobile, AL) for marketing CU*BASE; CU*Answers announces intentions to become majority stock owner of Reed Data, Inc.; CU*Answers announces Check 21 CUSO formation strategy with Corporate One; CU*Answers University Education exceeds 1,800 face-to-face interactions; PIB (Personal Internet Branch) layered security feature introduced for online banking.
  • 2007 Reed Data, Inc. becomes eDOC Innovations; It's Me 247 online banking introduced.
  • 2008 CU*Answers annual revenues exceed $29 million; 14 CU*BASE conversions representing 102,000 members; CU*BASE processing for 130 credit unions representing 1.1 million members; awarded NACUSO's CUSO of the Year Award - 1st multiple time winner.
  • 2009 CU*Answers has record year, adding 140,000+ new CU*BASE members; CU*Answers issues record patronage dividend to owners of $700,000; CU*Answers and network partners write and distribute 300+ press releases.
  • 2010 Celebrated our 40th birthday. CU*Answers converts 11 new CU*BASE CU's; processing for 1.3 million members. Issues record dividend/ interest return to 80+ CU Owners exceeding $1.4 million.
  • 2011 Celebrated the International Year of Cooperatives; Converted 14 credit unions to CU*BASE plus several new mergers into existing CU*BASE clients; Reached a new record of 102 credit union Owners; Introduced Mobile Web and Text banking; CU*Answers paid a Patronage Dividend of $1.4 million to our credit union owners; Awarded $10,000 in First Innovators Investment and Grant Program; Introduced the Spirit of CU*Answers" award - VacationLand FCU winner; Online Balloting System available using It's Me 247 Online Banking; Introduced Cooperative Score; WESCO Net renames to CU*Answers Network Services.
  • 2012 Began new expansion and construction projects. Converted 8 Credit Unions to CU*BASE, with a record 3 new Start-Up CUs, and 7 Mergers. Network expands to 165 credit union clients with 107 credit Uunion owners. Paid a Patronage Dividend of $1.7 million to our credit union owners. 168 CU*Answers employees and 38 Xtend employees plus 14 contractors. Awarded $15,500 in 2nd year of Innovator Investment & Grant Program. Introduced Grand Opening Kits. Launched the Live It! Series focusing on the 7 Cooperative Principles. Board Financial Literacy Series website launched. Opened the Muskegon Data Center. Network Compliance Teacher newsletter published. Xtend celebrates its 10th birthday. Advantage CEO Virtual CIO Service launched. It's Me 247 Online Banking gets nearly 36 million visits in 2012.
  • 2013 New look for It's Me 247 Online Banking and online applications. Work continues on File Expansion Project and new design for CU*BASE GOLD. CU*Answers uses e-Voting for Board Elections
 

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