GRAND RAPIDS, Mich. — CU*Answers, the data processing CUSO here added four more credit unions to its client list by signing Community West Credit Union, Kentwood, Mich., Sentinel Federal Credit Union, Box Elder, South Dakota, The Finest Federal Credit Union, Brooklyn, New York, (a new start-up credit union) and CR Community First Federal Credit Union, Eagle Butte, South Dakota (another new start-up CU) to its enterprise CU*BASE Processing System. All the CUs converted within the past 60 days, said CU*Answers.
CU*Answers now processes for 134 Credit Unions utilizing its CU*BASE System. These newest clients represent over 25,000 new members, they said. During the past 12 months, 26 credit unions, representing over 185,000 members have chosen CU*BASE as their core processing solution.
As a boost for the start up CUs, CU*Answers announced that those ventures will receive free data processing services as part of its "Partnering With You" program, aimed at helping to ensure their long term success. The CU pays any third party pass through fees but gets free DP services for two years. After that period, CU*Answers will meet with the CU to negotiate and adjust processing fees in accordance with the CU's financial condition.
A credit union is only required to sign an initial 5-year processing agreement with CU*Answers to launch the program. Should a credit union become insolvent during this initial term, there are no early termination fees.
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