Latest News

Dual Maintenance Reminder for Payveris Bill Pay Clients

ATTENTION ONLINE AND SELF-PROCESSING CREDIT UNIONS

A reminder to all credit unions whose Bill Pay vendor is Payveris:

When closing memberships within CU*BASE, dual maintenance is required if the member also uses
Bill Pay.  After closing the membership, please remember to also deactivate that user within PASS
(Payment Application Support System).  This can be done using the following steps after logging into
PASS:

  1. On the left hand side of the screen, select ‘Search Customers’.
  2. Enter in the members first and last name to locate them within PASS.
  3. Once the members profile is located, select the blue ‘Deactivate User’ button found underneath
    the members personal information.

Please direct any questions to the CU*Answers SettleMINT Team at 800-327-3478 x309.

Jump into a Dashboard Dive: Losing the Love

ATTENTION ONLINE AND SELF-PROCESSING CREDIT UNIONS

Join the Asterisk Intelligence Team for a Dashboard Dive!

Join the Asterisk Intelligence Team as they review the ACTIVE BETA CU*BASE Tool #132,
our Losing the Love Dashboard.  Are you afraid you’re losing too much love?  Analyze your
recently closed accounts for trends and predictive behavior patterns leading up to account
closure.  Analyze balance changes, reductions in product or service participation and even
tiered service scoring which can be leading indicator of account closures.  Learn how to take
ACTION using this dashboard and keep more of the LOVE with integrated file creation and
member outreach options.

Ask, See, Act, and Profit with the aid of Asterisk Intelligence!

Thursday, March 15

12:00 PM – 1:00 PM PT

Don’t forget: if you would like to help co-host one of our Dashboard Dive
sessions, you can earn a $25 gift card!  Click here to learn more.

 Or, click here to view summaries of all of our upcoming Dashboard Dive
sessions.

Don’t Forget: Phase Three of Same-Day ACH Processing is Coming Soon!

ATTENTION ONLINE CREDIT UNIONS

On March 16, 2018, the third (and final) phase of the NACHA Same-Day ACH rules will go
into effect.  See this recipe in the Kitchen (https://www.cuanswers.com/resources/kitchen
/same-day-ach/
).

Phase 3 of Same-Day ACH requires that the same-day credits must be posted by 5:00 PM
your time.  The final same-day item FRB file must be available to us by 1:00 PM PT, so we
will receive and post at 1:00 PM PT to ensure same-day items are posted properly.

Instead of advancing the evening posting to 1:00 PM, the evening posting time
will remain at 4:00 PM PT and the afternoon posting will be moved back to
1:00 PM PT.

Based on your input, we are going to move to the following schedule for the final phase of
Same-Day ACHE processing:

  • “In the Morning Run”: will remain unchanged (by 4:00 AM PT).
  • “In the Mid-Day Run”: will be moved to 1:00 PM PT (to be posted by 2:00 PM PT).
  • “In the Evening Run”: will remain unaffected (by 5:00 PM PT).

ACTION REQUIRED:

If your credit union does not currently post credits in the “In the Mid-Day Run” ACH
posting, you will need to change that posting to either ‘Post Credits Only’, or ‘Post Both
Credits and Debits.’

Remember that, per Phase 2, you will still need to post Debits in either the “In the Mid-
Day Run” or the “In the Evening Run” postings.

To confirm your ACH posting configurations, log into CU*BASE GOLD and select Tool
#113 – ACH Posting Controls Config, then make sure that the selection for “In the Mid-
Day Run” is set to ‘Post Credits Only’ or ‘Post Both Credits and Debits’ to ensure that all
same-day credit items post by 5:00 PM.

The morning and evening posting times will remain unchanged.  Returns will also
remain unchanged.  All times given are in ET (Eastern Time) and, as always, will follow
Daylight Saving Time changes.

If you have any questions, please contact the CSR Team via phone at 866-922-7646 opt. 2,
or Ask the AnswerBook.

CU*NorthWest launches MACO to credit union mobile apps

CU*NorthWest launched MACO (Multiple Authentication Convenience Options) to credit union mobile apps on February 1st. Using DAON biometric authentication, members can access their membership from their credit union mobile app by using face recognition, voice recognition, fingerprint, or pin, adding to the traditional username and password.

“MACO adds additional convenience for members when they are logging into the network native mobile apps and we believe this is just the beginning phases of where this software can be used,” said Kinsey Hiett, AVP of Operations.

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CU*NorthWest sets 2018 stock price

CU*NorthWest, a 100% credit union owned cooperative CUSO, has set the new price for an ownership share at $88,500.00. Each year the CU*NorthWest board of directors establishes the new stock price based on the audited financials from the prior fiscal year.

Chuck Papenfus, CEO of Inland Valley Federal Credit Union and chairman of the board stated: “We had a 6% increase in stock price from last year while maintaining returns to owners and reducing costs for all clients. In accordance with the firm’s business plans, there has been healthy and steady growth in the last 13 years.”

Although ownership is not required, CU*NorthWest maintains nearly 60% ownership penetration among its clients. “The fact that credit unions are seeking ownership in our CUSO is a good indication of cooperative health,” said CEO Greg Smith.

CU*NorthWest currently has owners in Washington, Oregon, Colorado, California, Montana, Alaska and Michigan.

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Chula Vista City Employees Credit Union converts to core processor CU*NorthWest

Liberty Lake-based core data processor, CU*NorthWest, announced that Chula Vista City Employees Credit Union of Chula Vista, CA, successfully converted to the CU*BASE® data processing system in February. The credit union represents 575 members and $2.83 million in assets.

Chula Vista City Employees Credit Union is looking forward to be able to offer its members new and improved services through CU*NorthWest including It’s Me 247 online banking, mobile banking, and electronic document storage. Credit union staff will have access to a wide variety of tracking and reporting dashboards as part of the comprehensive data processing system, allowing them to better serve existing members.

Chula Vista City Employees Credit Union represents the 13th California-based credit union currently utilizing CU*NorthWest for core processing services, with two more California credit unions pending conversion.

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Core processing coop CU*NorthWest returns to owners

Each year following the completion of a third party financial audit, the CU*NorthWest board of directors evaluates the net bottom line and makes decisions on how to best extend returns to owner/customers. CU*NorthWest had a record year in fiscal 2017 (ending 9/30/2017) and not only paid the budgeted return, but was able to add an additional “bonus return.” Additionally, stock price rose by 6% and as announced in 2017, all customers had multiple fees reduced on their September invoices.

The CU*NorthWest board is made up of CEOs from credit unions who own stock in CU*NorthWest. The CUSO is structured as a pure cooperative and mirrors the governance model of credit unions in nearly every way. “I am so proud of our board and the cooperative spirit they displayed in this process,” said Greg Smith, CU*NorthWest CEO. “They not only took care of stockholders but also recognized the non-stockholder customers, as we have always believed that paying a monthly invoice is also a function of investment in our firm.”

Board Chair Chuck Papenfus added: “The board and management of CU*NorthWest have a driving philosophy when managing the cooperative’s income. We seek to balance returns in four areas: maintaining a healthy balance sheet (retained earnings), stock value growth (book value), direct cash returns to owners (dividends), and price reductions or extra services for all customers regardless of ownership.” Mr. Papenfus is the CEO of Inland Valley FCU in Fontana, CA, and past chairman of the California Credit Union League.

Jennifer Oliver (CEO of South Bay Credit Union in Redondo Beach, CA and also a board member at CU*NorthWest) added: “Our goal in the board room is to generate value for both our customers and owners. It is simply what a cooperative does. Just as we work to serve our members with everything focused on them, so CU*NorthWest is focused on driving value and returns to its members (credit union clients of CU*NorthWest). CUNW has been able to generate returns while still lowering prices for the last three years and providing product enhancements and new capabilities of the core software suite, with no additional cost for modules.”

“This is exactly why credit unions should do business with a cooperative,” said Steve Kelly, CEO of Metrum Community CU. “The power of the cooperative business model quickly became obvious – as credit unions, we all run cooperatives and see every day the difference it can make in our members’ lives. CU*NorthWest has certainly made a difference for our organization and our members.”

CU*BASE® GOLD is the only core processing solution available from a cooperative CUSO. CU*NorthWest and founding partner CU*Answers—both 100% credit union-owned cooperatives—are nearly identical in structure and approach. They continue to work together as a part of the larger cuasterisk.com national network of credit unions and CUSOs.

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Cheney FCU finds home at Primesource CU during emergency

It’s hard to contemplate closing your credit union right after the first of the year, but if there is no internet or phones, what can you do? For Cheney Federal Credit Union, located in Cheney, WA, when an uncapped conduit pipe caused flooding in their electrical room, it meant thinking fast and relocating quickly.

On Saturday December 30, the credit union opened to find that they had lost internet and phones systems. Staff and members were expecting to be open, but without necessary services the staff had to think of a quick resolution to continue to serve their community.

Cheney has some unique relationships forged through the philosophy of credit unions helping credit unions help members. Even their data processor, a cooperative credit union service organization, was there to offer a seamless transition of technology.

Staff of Cheney Federal Credit Union were able to relocate to the Spokane Valley location of Primesource Credit Union. Primesource offered a workstation at their facility and since both credit unions use the same core processor, it was simple.

“We both use CU*NorthWest for data processing and the software lends itself to these kinds of collaborative efforts,” said Margaret Burkholtz, CEO at Primesource Credit Union. “There was no moving of computers or re-loading software or anything like that. They just came and logged in through the community network.”

The technology piece of this puzzle was the easy piece Cheney CEO JoAn Sanders agreed. “CU*NorthWest made it look easy. We could access our member’s data, print out receipts, create and fund loans, run reports and cut checks – virtually anything the member needed. The bottom line is our members were served.”

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Puget Sound Refinery Federal Credit Union signs with CU*NorthWest

CU*NorthWest, the 100% credit union-owned cooperative CUSO, announced today that Puget Sound Refinery Federal Credit Union in Anacortes, Washington, has signed with CU*NorthWest and is scheduled for conversion in May 2018. The $11.3 million dollar credit union represents approximately 1,130 members.

Puget Sound Refinery FCU CEO Darene Follette said: “When it came time to re-evaluate our core processing solution we were interested in an opportunity to work with a cooperative CUSO. During our discovery phase we spoke with several CEOs regarding CU*NorthWest. Every CEO we spoke with had nothing but positive comments about the service and support they receive as clients and owners of CU*NorthWest. As a smaller credit union, WE needed a partner who could offer us flexibility, and we believe we have found that partner with CU*NorthWest.”

Greg Smith, CEO of CU*Northwest, added: “It is exciting to have another Washington credit union joining us as we continue to grow our client base here. Like credit unions, it’s a cooperative thing – a fundamental piece to our value.”

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Take a Look at the CU*Answers University Courses for January!

ATTENTION ONLINE AND SELF-PROCESSING CREDIT UNIONS

Each month, CU*Answers University hosts FREE web conferences and in-person events that
highlight the many products and services our CUSO offers.  Take a look at the courses we have
coming up in January!

Thursday, January 4

8:00 AM – 9:00 AM PT, web conference

CU*BASE Employee Security

Monday, January 8

12:00 PM – 1:00 PM PT

Managing Compliance Using CU*BASE

Register for web conference

Register for classroom session hosted at CU*Answers

Wednesday, January 10

11:00 AM – 12:00 PM PT

Using CU*BASE Tools for Bank Secrecy Act (BSA) Compliance

Register for web conference

Register for classroom session hosted at CU*Answers

Thursday, January 11

11:00 AM – 12:00 PM PT, web conference

Introduction to the Developer’s Help Desk

Monday, January 15

11:00 AM – 12:00 PM PT, web conference

Monitoring Abnormal Activity

Wednesday, January 17

10:00 AM – 11:00 AM PT, web conference

Internal Controls Best Practices

Friday, January 19

8:00 AM – 9:00 AM PT, web conference

Vendor Management 101

Tuesday, January 23

12:00 PM – 1:00 PM PT, web conference

Social Engineering: The Human Side of Security

Thursday, January 25

10:00 AM – 10:30 AM PT, web conference

Business Continuity Planning

Tuesday, January 30

11:00 AM – 12:00 PM PT, web conference

Incident Response and Recovery Testing

Don’t forget: CU*Answers web conferences are always free to attend!