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Refer A Credit Union
to Sharetec and we will send you a delicious box of chocolates from Daniela's. If the credit union purchases the Sharetec system within 6 months, we will send you a $500 Visa Gift Card and enter you into a drawing to win your choice of a MacBook Pro or a Microsoft Surface Pro at the end of the following year.   

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Check Reconciliation Harmony Image1

With summer in full bloom, most of us are seeking a little peace and tranquility, which is what we expect when we plan a trip to a relaxing beach or a serene outdoor setting. Yet did you know that Sharetec helps Credit Unions provide a harmonious, stress-free environment to their members, thanks to the innovative software’s many features and benefits?

For instance, Sharetec’s Check Reconciliation feature provides a simple solution for members to achieve a harmonious balance with their checking accounts. With this feature in check, the “status” and “cleared date” fields are auto-updated for each check, based on a file that includes all cleared items sent by your corporate or local bank. The ease and accuracy of this process brings any discrepancies in your member’s account to your immediate attention.

The simplicity, automation and accuracy of Sharetec’s Check Reconciliation feature are sure to bring harmony to your members, who will continue to look to your Credit Union for easy, breezy financial management assistance.



Sharetec’s Tiered Courtesy Pay
feature gives credit unions more flexibility in helping their members when it comes to over-drafts while allowing them to setup granular risk-based fee structures. Members who frequently overdraw their accounts pose a higher risk to the credit union, and thus should pay a higher fee then those members who occasionally overdraw their accounts.

Members "First" Community Credit Union used a flat rate courtesy pay fee structure for their members for many years with success, however, Teri McEwen, CEO of Members "First" Community Credit Union wanted to do more for the credit union and it’s members.

Teri comments, "We have offered traditional courtesy pay for awhile, but when we switched to Sharetec’s Tiered Courtesy Pay, our income increased by 11% and members love the flexibility of the program."

To read more, click here.

Automated Leanding Tool Image

A common challenge often faced by Credit Unions involves the loan decision process, which can be difficult to navigate for even the most seasoned lenders. To assist in this challenge, Sharetec offers Automated Lending to help financial institutions sail smoothly through rough waters and simplify their most critical loan decisions.

Sharetec’s Automated Lending tool—used in conjunction with Sharetec’s loan application—has been dubbed by many to be the perfect tool for instituting and streamlining lending parameters and guidelines. It auto-generates loan approval or denial based on up to 11 pre-established and weighted criteria. As data relating to debt and income is recorded, factors including debt ratios and disposable income are auto-calculated for the loan applicant and co-applicant.

Sharetec’s Risk Based Pricing module can be incorporated into the Automated Lending tool to make the decision process even easier. Credit Unions using this automated pricing module can adjust a borrower’s interest rate based on risk level, using their own custom-created risk pricing adjustments, which are auto-applied based on loan type. The customized pricing adjustments can be based on a singular factor such as credit score, to several factors including debt ratios, employment history and delinquency.

With such automation and customization, Sharetec’s Automated Lending tool can very well mean smooth sailing ahead for your Credit Union’s loan department.


ColeGuest Blogger: Cole McCollum, Louisville Metro Police Officers Credit Union

Platitudes and Particulars

"One of my counseling professors in college had a saying for which he will be immortalized. The saying was this, "Push past platitudes to practical particulars." When considered in the context of "people helping people" it is both pithy and wise. How often do we sentimentalize our goals as credit unions? We are "member focused." "We exist for the financial benefit of our members." Etc. To be sure, these are wonderful statements. But in and of themselves, they are mere platitudes. What does it actually look like to be "member focused" or "to exist for the financial benefit of our members"? When the board meeting adjourns or we return from the exhilarating conference to sit across the desk from a member desperate for financial guidance, what do we actually do to help? How do we "push past platitudes to practical particulars?" Often, such "pushing past" involves programs, policies, and personalities. Consider the following as a small, seemingly insignificant example of how we might use ShareTec to assist our member's in meeting their financial goals.

Suppose Mr. John Smith walks into your branch and requests to speak with you. Perhaps you are a loan officer, or a financial counselor. Perhaps you are simply the teller who greets him at front counter. Regardless, Mr. Smith faces you and begins to explain his dilemma.

John is a middle class industrial worker earning approximately $3500 each month. He maintains direct deposit to his credit union checking account, and has a debit card which he uses to make most of his purchases. Although he has a savings account and tries to save a little each month, he has seen little success. Usually, he ends up spending the money he would otherwise have saved. He knows this is a problem, and wants to have more structure in his financial life. He doesn't know how to begin, and is asking for some direction. How can you help?

Of course, there are numerous ways we can help John. We could send him off with a budget work sheet, or look at his spending habits. We might wax eloquent about the benefits of saving and encourage him to set up a monthly distribution from his direct deposit to his savings account. All of these would be great steps to take, and should be taken. However, what's something we can do right here, right now -while John is facing us - to begin adding more structure to his finances? Consider this: While John is with you, list several things he would like to save for (i.e. vacation, car repairs, holidays, etc). Once you have several categories in mind, enter ShareTec and open a new account for each subject - naming each account according to John's savings goals. The ability to open multiple share accounts in ShareTec is a simple feature many members are unaware of and many financial counselors don't make use of. Putting a name to every dollar you save changes the way you visualize, manage, and achieve your financial goals. It is a proven savings strategy, and has seen great success - especially among the millennial generation (Todd Romer, Young Money Media).

Before John leaves, set up distributions from his direct deposit to each and every account you set up for him. You might even consider placing a hold (with John's permission) on moneys deposited into each account to assist John in his discipline.

By opening a new account for each savings goal and setting a distribution for each account, you are helping John take an immediate, practical step toward financial stability.You are helping him make a tangible change in his savings habit while simultaneously manifesting your credit union vision - to be "member focused" and to "exist for the financial benefit of your member," specifically, John.