CU*Answers said it has awarded its Spirit of CU*Answers Scholarship-two years of free core processing and e-commerce services-to two New York City credit unions.
The successful applicants were $8.3 million Neighborhood Trust FCU and $26.4 million Lower East Side People's FCU. Neighborhood Trust is currently a CompuSource Systems client and Lower East Side People's runs on a Fiserv Inc. platform, according to their 5300 Call Reports.
CU*Answers said they will convert to the CU*BASE system next spring. The Grand Rapids company said it created the scholarships "as a turnaround program to provide an opportunity for change to struggling credit unions."
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After the two years are up, participating credit unions have the option of signing a five-year deal with three years remaining as a paying client, merging with a CU*Answers client credit union with no cancellation fee or merging with a non-CU*Answers client and paying a cancellation fee, according to the provider of core processing and other services to more than 165 credit unions.
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