CU*Answers Pays Back $1.2 Million
Core processing CUSO CU*Answers said it has returned $1.2 million in 2010 patronage dividends to its credit union owners.
That compares with $700,000 in patronage dividends the year before and is the result of "the dedication of its owners/clients and network partners in promoting collaboration as a means for sustainability," the CUSO said.
The Grand Rapids, Mich., organization provides in-house and online core processing, check processing, online and mobile banking and other services to 165 credit unions totaling more than 1.2 million members. There are 91 stockholders, including nine new owners in 2010.
The 40-year-old company's annual report to its owners also said that online member processing has increased at an annual rate of 16.8% since 2000. Its Web services host 128 sites representing 303 domains and 723 e-mail accounts and its 24/7 online banking now averages 75,000 visitors a day and send more than 700,000 e-mail messages to members per month.