Search This Site
Menu

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 current 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 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.
 

Ways to Stay Connected

Subscribe
to RSS		 Read the
NewsStand

also find us on and LinkedIn

Please wait... loading