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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)
- Summary CC statement only, in place of individual CC statements (view the 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.
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.
Status as of 4/22/2021: Project #55128 is currently in QC testing but has not yet been slated for a release. This requires coordination with statement print vendors.
Chefs for this recipe: Heather French and Karen Sorensen
