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5300Report

How many times have you dreaded the quarterly 5300 Call Report?  Not only can it be very time consuming and exasperating but now your credit union could face hefty fines if not turned in on time.

A January article posted by the Credit Union Times indicates just how serious these fines can be.

More than 1,000 federally insured credit unions of all sizes filed call reports late for the third quarter of 2013. Credit unions that missed the January 24 deadline will be issued warnings but the agency will assess fines of up to $1 million per day if the April 25 deadline is missed.

“Such late filing impacts NCUA’s ability to conduct effective off-site supervision and delays the release of quarterly industry data to the general public,” Matz wrote in a letter to credit unions on January 15. “It is also a drain on NCUA resources, as field examiners are required to follow up with tardy FICUs.”

To read more of this article on the call report crackdown click here.

Are you tired of gathering information for your call report?  Well with a simple process, your data gathering is completed in minutes!!

If you have the Sharetec Core Data Processing System, your data can be automatically uploaded each quarter from several different sources, including shares, loans and general ledger.  Just another standard feature with the Sharetec Core System!

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We would like to take this opportunity to recognize Greater New Castle (GNC) Federal Credit Union on utilizing the Sharetec solution since its inception. GNC is located in New Castle, Pennsylvania and has been voted the “Best of the Best” within credit unions in all of New Castle, PA for the last ten years.

GNC’s use of the Sharetec solution for over 20 years has allowed them to more than double their assets. We appreciate the trust and confidence that GNC has placed in Sharetec over the years. We will continue to do everything possible to maintain their trust in our expertise. We look forward to a continued, mutually beneficial relationship with them.

Please know how very much we appreciate GNC’s business. We wish them ongoing success on their future growth.

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Congratulations to LorMet Federal Credit Union in Amherst, Ohio, on their core conversion! The conversion was a great success and the Sharetec team is excited to have them.

“We chose Sharetec due to added efficiencies through third-party integration, streamlined processes, and paperless solutions. The member-centric organization and enhanced reporting capabilities provide effective solutions for serving our membership and tracking activity. Our primary goal in the selection process was to not only align ourselves with a processor but a partner that would be responsive to our goals and objectives.”

Daniel Cwalina, President/CEO, LorMet Community FCU

eServicesTN
Sharetec eServices Enrollment allows credit union’s to provide their members an easy to use, secure and userfriendly
option to view and print eStatements and eNotices from the convenience of any device with internet access.

Winnebago Community Credit Union in Oshkosh, WI, has had great success with eServices Enrollment. Tammy Weickert, VP of WCCU, comments, “We pride ourselves on our sales and service culture. The benefit to our members is a secure and timely receipt of their statements. We have benefited by saving money due to the lower cost of the electronic delivery”.

Before WCCU switched to Sharetec’s eServices Enrollment, only 32% of their members were using Online Banking, and only 16% of those members were using eStatements and eNotices. There are currently 96% of WCCU’s Online Banking members using eStatements and eNotices. That is a 500% growth and an annual savings of $14,500.

To read more, click here.

Mobile-Technology
Banking on the go continues to be the norm as more and more financial institutions integrate the latest technology that consumers are demanding.  Users log in an average of 3.7 times per week with an average session lasting 1 minute, 14 seconds.  These times are up when compared to last years.  Fifty-one percent of adults banked online last year, up from 46 percent in 2010, according to a 2013 study by Pew Research Center’s Internet & American Life Project.  And 32 percent used their cell phones to perform financial transactions, up from 18% in 2011.   Hard numbers reveal that Mobile Banking is a must have for credit unions to stay competitive.  Banking on the go is convenient and appeals to the younger members. Research shows that member numbers are increasing with more and more younger members
joining credit unions.  They are looking for credit unions offering the newest technology such as Mobile Banking that lets members bank on the go.

Sharetec’s Mobile Banking allows you to deposit your check from your phone simply by taking a picture of it and clicking send.  It also allows you to make transfers from one account to another, pay bills and much more.