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  • 1. What is the ownership structure of your company (public, private, etc.)? Views: 64
    Preview
    CU*Answers is owned by credit unions and offers no private ownership. Its Board of Directors consists of seven credit union CEOs, providing a unique industry perspective and a direct vested interest in the success of CU*Answers clients. Creating equity through ownership is a constant at CU*Answers.
  • 2. What ownership/investment options does CU*Answers offer? Views: 59
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    CU*Answers offers the opportunity for CU*BASE processed credit unions to become an owner of the CUSO. Each credit union owner owns 200 shares of Class A ownership stock and has one vote. As a result of becoming a Class A stock owner, credit union owners are are paid a Guaranteed Annual Dividend, and share in any Patronage Dividends, as optionally declared annually by the CU*Answers Board of Directors. CU*Answers may also periodically extend opportunities for investing in Debenture Offerings. Th  More...
  • 3. Is your third party audit a SAS-70 audit? Views: 52
    Preview
    Yes
  • 4. What dividends does CU*Answers offer to owners? Views: 51
    Preview
    CU*Answers offers the opportunity for CU*BASE processed credit unions to become an owner of the CUSO. Each credit union owner owns 200 shares of Class A ownership stock and has one equal vote. As a result of becoming a Class A Stockowner, credit union owner's are are paid a Guaranteed Annual Dividend, and share in any Patronage Dividends, as optionally declared annually by the CU*Answers Board of Directors. CU*Answers may also offer periodic Debenture Investment opportunities to Class A   More...
  • 5. What is the advantage to participating with a CUSO? Views: 47
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    CUSO participation provides many benefits. As a CUSO, CU*Answers is able to focus on developing a unique alternative to the traditional client/ vendor relationship - one where the concepts of equity and cooperation allow for new kinds of strategic partnerships and access to opportunities. This is a big reason why CU*Answers clients and business partners are able to develop strategic alliances in ways previously unimagined. The CU*Answers partner/ vendor model is based on several core philosoph  More...
  • 6. What sets CU*Answers apart from others? Views: 45
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    As a 100% credit union owned CUSO, led by a Board of Directors representing seven credit union CEO's, the focus placed upon client support, education and user satisfaction is the motivation that drives CU*Answers each and every day. First, the CU*Answers model begins with the principle that it is an extension of the credit union staff, with the same underlying goals, strategic challenges, and focus as credit union professional. By always remembering that everyone is vested in the success of t  More...
  • 7. Will CU*Answers help our credit union plan for its next CU*BASE merger? Views: 42
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    Yes, CU*Answers helps many CU*BASE clients plan for and manage an upcoming data processing conversion for a merged credit union client. Simply click on this document to learn pricing details for preparing for a CU*BASE merger http://www.cuanswers.com/pdf/spec_interest/PricingGuidelines.pdf Additional information regarding mergers may be found within the CU*Answers web site.
  • 8. How is CU*Answers audited? Views: 41
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    CU*Answers is audited in several ways. As a CUSO, we are required to have an annual CPA audit of our financial records and the results are sent to all owners annually. We also have annual ACH audits as required by NACHA. We currently contract with Crowe Chizek to perform Network Security Audits, Internal Penetration Tests, External Penetration Tests and SAS 70 Level II Audits. CU*Answers performs routine internal audits every month and are regulated by both the NCUA and the FIB of Michigan,   More...
  • 9. How long has CU*Answers been in business? Views: 40
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    CU*Answers was started in 1970 as West Michigan Computer Co-Op, Inc. (WESCO), and was originally organized as a non-stock cooperative to provide lower cost data processing services for credit unions.
  • 10. How long has CU*Answers been in business? Views: 39
    Preview
    In 1970, West Michigan Computer Co-Op, Inc. (WESCO) was organized as a non-stock cooperative to provide low-cost data processing solutions and tools necessary to grow and aggressively compete in a competitive financial environment.
  • 11. What type of leadership staff does CU*Answers typically hire? Views: 38
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    CU*Answers is always on the lookout for talented professionals. Nearly all the management team and key support staff have either come directly from the credit union industry or a related business discipline. The management team has many decades (100+ years) of combined credit union experience. This experience is invaluable for working closely with our credit union clients and better understanding their issues and objectives. Staffing
  • 12. How many owners does CU*Answers have? Views: 36
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    As of June 2019, CU*Answers has 136 credit union owners in 20 states.
  • 13. Besides Data Processing, what other services does CU*Answers offer? Views: 34
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    CU*Answers is a complete services provider to credit unions and offers an array of products and services. For many clients, CU*Answers is considered a one stop shopping source , eliminating the need to research, interface and support a large number of third party relationships. In most cases, CU*Answers provides it all. The CU*Answers Suite of Services includes: CU*BASE Member Processing System (available for ASP or in-house environments) It's Me 247 Online Banking CU*Easy Pay Internet Bi  More...
  • 14. How is the CU*Answers Board of Directors organized? Views: 34
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    The CU*Answers Board of Directors consists of (7) CEOs from owning credit unions, providing for a high level of industry knowledge and expertise.
  • 15. What is the asset range of the CU*Answers data processing client base? Views: 31
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    CU*BASE is a complete processing system designed to handle the processing requirements for any size credit union. The list for credit unions utilizing CU*BASE continues to grow as new client conversions are completed. A listing of CU*BASE clients may be found in the Peer Analysis Guide located within the CU*Answers web site link below. This Guide is updated annually and provides interesting client statistical and profile information regarding CU*BASE software features utilized by each of these  More...
  • 16. Does your contract provide for arbitration of disputes? Views: 30
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    No, instead we include an Executive Review process included within the Services Agreement.
  • 17. Does your contract include price protection, such as limiting price increases by frequency and amount? Views: 30
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    Yes as pertaining to the base active member fee and COLA provisions contained within the Services Agreement. Typically, all other fees are subject to annual review and amendment by CU*Answers unless otherwise stated in the Schedule or client contract. Prices are published annually with the CU*Answers Pricing Guides.
  • 18. Who may I sell my CU*answers Class A stock to in the future? Views: 28
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    Since Class A stock represents CUSO ownership stock, it may only be sold back to CU*Answers.
  • 19. How is CU*Answers organized? Views: 28
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    CU*Answers is organized as a 100% credit union owned, stock issuing CUSO. Each participating credit union owns 200 Shares of Class A ownership stock, ensuring that each owner represents one vote.
  • 20. Does your contract have an automatic renewal clause? Views: 27
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    Yes, the initial term of each Schedule shall be automatically renewed, unless terminated by either party upon at least 90 days written notice prior to the expiration of the initial term or any renewal term.
  • 21. Will your contract include the pricing of ALL your products, even products what we are not immediately implementing? Views: 26
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    No, the contract does not include the pricing of all products. However, a pricing proposal is provided as based upon our best attempt to define desired credit union services. Pricing Guides will be provided upon request and will detail additional services available.
  • 22. What portion of CU*Answers is dedicated exclusively to serving credit unions? Views: 25
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    As a 100% credit union owned CUSO, the only marketplace CU*Answers provides processing services to is the credit union industry.
  • 23. Do you contractually guarantee that your products will comply with all applicable federal, state, and local regulations? Views: 23
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    As defined within the Services Agreement, it is the intent of CU*Answers to comply with all known U.S. Federal, state and local laws and regulations applicable to the services to be performed by CU*Answers. CU*Answers shall modify, or cause to be modified its method of processing and computer software to comply with applicable legal requirements.
  • 24. What is the penalty for early termination of the contract? Views: 23
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    As stated in Section 11 of the Services Agreement, CU*Answers incorporates a discounted early termination fee strategy (50% ) should the credit union determine that this is necessary.
  • 25. What is the standard term in months of your standard contract? Views: 23
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    A variety of contract terms are available for either 3, 5, or 7 years (36, 60, or 84 months).
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