CU*Answers, the Grand Rapids, Michigan-based cooperative CUSO, has recently completed a project for Prospera Credit Union of Appleton, Wisconsin, so that the in-house CU’s daily business cycle would remain active 365 days a year.
“In the past, many credit unions have not remained active on Sundays or sometimes, even, Saturdays,” said Jeff Miller, the CU*Answers operations business development manager. “This accounts for why if one were to make a deposit at an ATM on a Sunday, it would post with Monday’s date. With 365-day processing, transactions post on the day they are conducted.”
Miller noted that in today’s business environment, consumers expect an immediate electronic environment as they conduct their business and CU*Answers is making the changes necessary to provide that experience. “This was a first step in collaboration with a valued partner, but we are preparing to make this change for all of our online clients in the near future.”
Along with other advantages, such as 365-day data collection and reporting, this project paves the way for businesses to be open seven days a week if desired. “While we don’t anticipate that credit unions will suddenly open their doors on Sunday, this sets up the mechanisms for when they choose to do so,” Miller concluded.