University Federal Credit Union in Texas is using a new piece of software to add accountability and reduce errors in its back-office management of fees.
The $1.1 billion Austin credit union is using CUTEK Fee Management Console, an add-on to its Symitar core processing system that pulls together and displays all fees charged to a member's account.
The new solution allows the credit union to track who refunded a fee and why – for regulatory or member-relationship services, for instance.
"Fee income is an important piece of University's business model," said Ellen Simpson, senior manager of assurance services at 137,000-member University FCU. "Not only do fees have a significant impact on financial statements, but fee refunds are an important component of member relations."
"Managing fees at credit unions is a painstaking task for any staff member," said Ron Murray, president of CUTEK, a California-based consultancy specializing in Symitar Episys applications. "We saw this as an opportunity for credit unions and created the Fee Management Console."