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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
