Business Servicing Fee Packages

CU*Answers is planning some new tools to assist credit unions who need a business member fee program that more closely mirrors what is typically offered by banks. The tools are intended to meet the needs of business members who are looking for programs that follow more classical conventions than what has traditionally been offered by credit unions.

The new feature will bundle and aggregate all business servicing fees, calculate an offsetting credit (subtracting dividends paid, if desired) and post a single business servicing fee once each month. This could appear to the member as either one net transaction that includes both fees and an offsetting credit combined. Or the CU can choose to post two separate transactions: a summarized fee debit transaction and a calculated credit transaction.

Status: Still in design phase, no target dates at this time.
Updated
September 2, 2014

Have you checked out the NCUA’s proposed 5300 Call Report changes?

Have you checked out the NCUA’s proposed 5300 Call Report changes?

Have you checked out the NCUA’s proposed 5300 Call Report changes yet?  The changes are targeted for March 2019, and the NCUA wants your feedback! The overall theme is modernization and simplification in order to reduce the reporting burden for credit unions.  Check out the 5300 Call Report Tools kitchen page for a highlight of… Read more »

Feb 15, 2018