Using CU*BASE to Comply with New Rules for Tracking Beneficial Ownership FinCEN has issued new rules under the Bank Secrecy Act that require financial institutions to identify and verify the identity of the beneficial owners of all legal entity members (corporations, etc.). Under the final rule, credit unions are required to have written procedures to identify and verify beneficial owners of legal entity members who open new accounts on or after May 11, 2018. In addition to identifying and coll  More...

CU*Answers does not report business loans to the consumer bureaus, nor pull from or report to commercial bureaus. We only report and pull for consumer loans.

There are three options available for setting up users, assigning permissions and resetting passwords in BizLink 247 (formerly It's My Biz 247 ): Scenario A: Company controls access to BizLink 247 and PIB-MLO (credit union still can support) If the company elects to use PIB-MLO, your credit union will only need to set up an initial administrator user in CU*BASE. Then the business will have a user that can log into PIB-MLO who can manage online banking access, including adding additional use  More...

Credit unions have the option to have teller check holds based on business or calendar days. Use Tool #849 Automated Holds Configuration to update how the system calculates holds. If you select to have the system calculate using only business days you must also launch Tool #243 Configure CU Non-Business Days which allows a credit union to indicate what processing days they follow (Sunday through Saturday), to indicate whether the credit union observes all standard Federal holidays, and/or t  More...

Yes. CU*Answers owns CU*BASE. CU*NorthWest is the escrow agent for CU*Answers and holds the source code for CU*BASE in escrow. Use the link below to view a copy of the most recent signed certification.

This is due to the change in Metro 2 guidelines put into place in May of 2018. When those changes were put in place it was determined that any memberships with an “MO” membership type would no longer be reported to the bureau. CU*Answers does not report business loans to the consumer bureaus nor pull from or report to commercial credit bureaus.

As far as Reg CC goes, business days are definitely covered by your Business Days configuration ( Tool #243 Configure CU Non-Business Days ). If your business days are configured for Reg CC as Monday-Friday, it will stay Monday-Friday even with 7-day processing, unless your credit union makes that change.

This can be done using the A2AFT feature, which combines the CU*BASE auto-funds transfer (AFT) functionality with the A2A feature that allows funds to be transferred to or from an outside FI using ACH. Refer to the booklet below for complete instructions. Setup is done via Tool #884 Update Auto Transfer Information then Add A2A Out (A2A must be activated for your CU for this feature to appear). If you choose the Sweep the entire balance... option, you can specify the minimum amount to transfe  More...

Similar to It's Me 247 online banking, BizLink 247 (formerly referred to as It's My Biz 247 ) is an online and mobile web banking product specially tailored to meet the needs of your business members. BizLink 247 offers many of the same features as It's Me 247 but is designed so multiple teammates can sign on to the company's membership for their various duties. This product and its companion, PIB-MLO (Personal Internet Banker Multi-user Log On) allows a business owner to have  More...

No. At the current time CU*Talk phone banking is not available for BizLink 247 (formerly known as It's My Biz 247 ) accounts.

No, at this time these offerings are not available for business members using the BizLink 247 product (formerly known as It's My Biz 247 ).

Both can be found on our website at the following links: To request a free copy of our current Business Continuity Plan: https://store.cuanswers.com/product/cuanswers-business-continuity-plan/ Additional information about the CU*Answers Business Continuity Program can be reviewed at: https://www.cuanswers.com/solutions/business-continuity/ To request a free copy of the most recent recovery/rollover results report: https://store.cuanswers.com/product/cuanswers-recovery-test-reports/ Prior copies   More...

The fields are related to Process Codes, in that they are derived from the code attached to the message received from the plastics processor (vendor, or switch). The Type you see in the initial Type column of the Activity screen relates directly to the Transaction Description when you view additional transaction details. Transaction types may not apply to all vendors. Examples of these labels are as follows: DEP (Deposit Transactions) ATM/DEP A deposit made at an ATM. ATM/DEP - including a $  More...

If you pull credit reports using the CU*BASE online credit bureau access system, credit report data is stored online and can therefore be mined for opportunities. There are a couple of ways you can find this information: Use Tool #976 Where Your Members Borrow This tool pulls trade line data from stored credit report files, showing other financial institutions with whom your members do business. This tool lets you make a direct comparison between your credit union and a competitive FI. F  More...

At this time due to compliance reasons business accounts cannot be set up with P2P processing. We are looking at allowing this feature in the future but do not have a ETA at this time.

It generally takes about two business days for the item to post, depending on the cut-off time you have set up with Magic-Wrighter. For example, say you have a cut-off time of 12:00 noon ET. If you performed the transfer to pull funds from another institution before 11:45 a.m. ET* on a Monday, the funds would be pulled from the other institution and deposited to the member's credit union account no later than Wednesday. If posted after the cut-off time on Monday, the transactions would be  More...

Prior to the 16.10 release, the SSA began using multiple Company IDs, and it was recommended that credit unions consider using Automated Funds Transfers (AFTs) to handle distributions. Beginning the 16.10 release a new cross-reference system will be implemented that will automatically funnel all incoming company IDs from the Social Security Administration and treat them as if they came from one, consistent company ID we’re referring to as the “Primary ID.” With the changes ma  More...

CU*Answers provides services to credit unions across the country. As of April 2024, CU*Answers serves 218 credit union clients in 32 states. Along with our cuasterisk.com partners, we provide services in 42 states, including Hawaii, Alaska, and the US Virgin Islands.

No, our CSRs will not reset the 2-character CU*BASE Employee IDs for your staff. This must be done by an internal CU security officer. Use Tool #762 Reset Employee ID Password . (This can also be done via Tool #327 CU*BASE Employee Security using the Reset PW option.) It is important that credit unions insure proper training to their employees regarding the expiration of their CU*BASE Employee ID password. We deliver a warning message of expiration 7 business days prior to the staff member.   More...

Prior to the 16.10 release, the SSA began using multiple Company IDs, and it was recommended that credit unions consider using Automated Funds Transfers (AFTs) to handle distributions. Beginning with the 16.10 release a new cross-reference system will be implemented that will automatically funnel all incoming company IDs from the Social Security Administration and treat them as if they came from one, consistent company ID we’re referring to as the “Primary ID.” With the chang  More...

Yes! Starting with the 23.05 release, CU*BASE lets you configure your online banking rate boards for savings, certificate, and loan products, so that products are shown only in BizLink 247 business online banking, or in It’s Me 247 online banking, or both. When setting up a product to appear in online banking (via Tool #506 Member Rate Maintenance for savings or certificate products, and via Tool #470 Loan Product Configuration for loan products), you’ll see checkboxes to activate  More...

The FRB produces six sets of files each business day on weekdays, Monday through Friday, except for Federal Holidays. CU*Answers posts the files as follows: CU*Answers receives the first and sixth set of files overnight and posts them by 8:30 AM ET. As this posting is a combined posting, two Receive reports and one Posting report are produced. CU*Answers receives the second set of files by noon and posts by 1:00 PM ET. Same-day credits must be posted with this file. CU*Answers receives the thir  More...

OFAC is defined in the NACHA Operating Rules and Guidelines Chapter 3, Section 1 pages OG15-OG21. There is a difference between OFAC procedures for ACH transactions and the verification of parties with which a financial institution does business. For ACH purposes, only the addenda information on cross border transactions (IATs) require an OFAC scan for both RDFIs (receiving depository financial institutions) and ODFIs (outgoing depository financial institutions). As far as OFAC compliance goes  More...

One of the hardest things to do with a 7x24 product like o nline banking and PIB is to decide when to implement software changes. Unlike CU*BASE changes that easily can be coordinated with normal credit union operating hours, o nline b anking changes must work around member usage patterns and support concerns. If a member needs to check a balance or transfer money at 3:00 in the morning, he can’t just pick up the phone and ask a credit union MSR to handle the transaction for him. Because   More...

There are many, many components in the infrastructure that protects your member data, from passwords and daily backups to production redundancy and full-blown DR/BR plans. One important piece of that puzzle involves the protections we put in place to control data moving between the System i and a local workstation. Years ago no one ever imagined an employee popping a thousand member records onto a thumb drive and heading out the door. Today we have entire teams and sophisticated tools to prev  More...