MADISON, Wis. — To offer credit unions revenue building strategies as margins continue to shrink, the Credit Union Executives Society and fi-linx, a technology solutions CUSO, have teamed up to bring deposit reclassification to the industry.
Deposit reclassification segments both interest and non-interest checking accounts into separate savings and checking subaccounts. The solution allows credit unions to report their transactional accounts as savings deposits, which can result in a significantly low reserve requirement and enabling them to increase their interest earning assets.
"CUES is pleased to offer this new service to credit unions and to help them stay competitive in the fast-changing financial services marketplace," said Mark Hawkins, chief executive officer at the $1 billion Altura Credit Union and president of CUES' board of directors.
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Founded by a group of MaPS Credit Union employees in fall 2006, fi-linx created its own deposit reclassification software soon after. Fi-linx estimates that if every credit union were to take advantage of this program, an additional $154 million would be earned industry-wide.
Credit unions can log on to www.cues.org and select strategic services to estimate their potential earnings.
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