This project creates a new summary credit card statement format for use by business accounts. In a nutshell, transaction history for multiple credit card sub-accounts under a single business membership can be consolidated into a single credit card statement, making it easy for the business member to monitor and reconcile expenses on all of their individual business credit card accounts.

To determine which accounts receive these special summary statements, we added a new “Business credit card statement option” flag to the Membership Designation configuration. For any memberships attached to that Membership Designation code, the credit union can choose the following options for monthly credit card statements:

• Individual CC statements only (no summary CC statement, same as today)
• Summary CC statement only, in place of individual CC statements (view a test sample produced by Sage Direct)

When monthly credit card statements are produced, if the new option is selected, that member’s statement envelope would include their normal account statement (if applicable) and a single, multi-page summary statement that lists each individual CC loan suffix and its transactions in a separate section, with a summary of all suffixes at the end.

IMPORTANT:  The statements break out and summarize credit card account suffixes, not PAN/card #s.  So each section would be a different account suffix (1234-890, 1234-891, and 1234-892, for example), then the summary at the end would show a tally of all 3 of those suffixes.

Future enhancements might include printing both the summary statement as well as individual, separate credit card statements and mailing them all in the same envelope (would likely only work for memberships with just a couple of accounts), as well as potentially offering both a summary statement and individual statements that are mailed individually to employees of the business membership. Both of those ideas are still in the very early feasibility study stages.

Update After Initial Deployment

The project was introduced with the 21.10 release.  After our first field test, a new project was created to address how these statements work when one or more of the membership’s credit card accounts has no activity during a particular month.

Today, if a credit card loan suffix doesn’t qualify for a statement (meaning no activity), a credit card statement is not generated.  (This is automatic for all credit card statements; there’s no config to control this.)  When a business credit card summary statement is compiled, it cannot include any suffixes for which a statement was not generated in the first place.  Unfortunately, this throws off the statistics on the final summary, since the statement program can only tally based on statement it actually produces.

This project will change the statement generation program so that if the member is configured to receive a summary statement, then statement data will be generated for all credit card loan suffixes under that membership, even if there has been no activity, so that information can be included on the compiled summary.

Status as of May 2023:  Project 57978 was deployed with January 2023 month-end statements, which means that all suffixes will be included on the summary statement, regardless of activity.  

What’s next?

We are also working with our group of credit union business services experts on the next evolution for these summary statements, including the ability to show embossed names for each card included on the statement, as well as a way to filter transactions by PAN when viewing history in online and mobile web banking.  (The Card Controls feature in our mobile app does allow for this filter.)  Currently in early research and design phase.

 Chefs for this recipe: Heather French and Karen Sorensen