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During these uncertain times, most credit unions have members who are struggling with financial obligations such as auto loans, house payments and service fees, and often times, cash shortages due to extenuating circumstances. As a responsive partner, Sharetec has stepped up to make numerous measures available to many of its credit unions and their members across the country who may be dealing with issues related to the ongoing COVID crisis.
To assist credit unions in better servicing members and to help them through these potentially disruptive times, Sharetec has reached out to these financial institutions to announce these specific measures that they would make available to them, which include:
· Temporarily waiving late fees for all loans
· Turning off the Regulation D limitations so members can freely move funds to transactional accounts
· Temporarily waiving overdraft fees until a certain date
· Temporarily waiving excessive transaction fees until a certain date
· Helping to incorporate a skip payment(s) program if the credit union does not already have one
· Increasing debit card limits, if controlled by Sharetec
· Waiving penalties for early CD withdrawals
· Waiving monthly service fees
As credit unions continue to change how they service their members, Sharetec is well prepared to adapt to their shifting needs. And we are fortunate in that our business and IT infrastructure are easily transitioned to a remote environment, whenever such a move becomes necessary. As many of Sharetec’s support team members continue to work from the safety of their homes, they are effectively collaborating to serve credit unions as if they were in their usual office environments.
Sharetec wants to assure its credit unions that our business partnerships are invaluable, as is the financial well-being of the institutions and the members that we serve. And we will remain poised to offer advice and assistance in regards to what the system and our company can do to alleviate any hardships that may arise. Rest assured, Sharetec will continue to be readily available to help its credit unions and their members¾both now and into the future.
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Protecting your members from fraud is more difficult today than it has ever been in the history of banking, which is why Sharetec provides “real-time” fraud monitoring. Our fraud system is actively on the look-out for suspicious activity.
Sharetec’s Fraud Alerts will notify you if a fraudulent situation is uncovered, whether it be during a member search, a member transaction, new member enrollment, new share or loan openings, or batch postings. The security alerts are based on a set of fraud conditions established in the Fraud Alert control and are completely credit union defined so that you can adjust them to your specific tolerance level.
Contact us today to find out how you can protect your members from fraud with Sharetec’s Fraud Alerts.
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Someone wise once said, “It’s the little things that count.” If you tend to agree with those words of wisdom, then keep in mind there are two simple words that validate that statement: Cash Dispenser. And Sharetec brings these two words to life with automated accuracy to benefit both your financial institution and your staff.
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Do you know of a credit union who is looking for a new core system?
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To be eligible to win, the CU you are referring to us must not already be in contact with Sharetec, and an appointment must be set and completed between Sharetec and the CU you referred. Upon these 2 simple criteria being met, you will receive your gift card!
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Landmark Credit Union has been promoting Sharetec's Easy Saver Program, or as they call it, "Round Up" savings, to members for many years and use the term, "throwing your loose change in a jar," to increase enrollment.
"We have a simple statement on our debit card application that allows our members to select the program when applying for a new debit card. This gives us the opportunity to cross-sell this option to our members, offering them complete control of their money that is being transferred to the account." Anna Melecosky, Landmark Credit Union
With Sharetec’s Easy Saver Program, members can increase their savings with each debit transaction they make. When a purchase is made, their transaction will be rounded to the nearest dollar and the difference is added to their savings account.
To read the full case study, click here.
