Summary Statements for Business Credit Cards

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Credit Card Statement Enhancements

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’ll be adding 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)
  • NEW: Summary CC statement only, in place of individual CC statements  NEW! See the early design mockups!

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. (Watch for sample mockups to be posted on this page soon!)

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 ideas are still in the very early feasibility study stages.

 

Status as of 10/14/2020: Still in the early design phases. See the early design mockups of the summary statement.

 Chefs for this recipe: Heather French and Karen Sorensen

Updated
October 14, 2020

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