Press
Sharetec introduces measures to help credit unions service members during the COVID crisis
Sharetec System, one of the fastest-growing core systems offering the technology of simplicity, announces that it has made numerous measures available to its credit unions and their members across the country who may be struggling with issues related to the ongoing coronavirus pandemic.
To assist its credit unions in better servicing their members and help them through what could be disruptive times, Sharetec reached out to these financial institutions to announce these specific measures that we 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 their 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
One such credit union that has benefited from Sharetec’s specialized assistance during the pandemic is Money Federal Credit Union (MFCU) of Syracuse, New York. Like most financial institutions, they have members who are struggling with financial obligations such as auto loans, house payments and service fees, and oftentimes, cash shortages due to extenuating circumstances. Wanting to help these credit unions and their members adversely affected by the crisis, Sharetec offered these special provisions to help alleviate some of the financial burden.
According to Linda Fitzgibbons, Chief Operating Officer, MFCU, rapid changes were affecting their credit union and its members. “Like most other financial institutions, our way of doing business changed quickly and unexpectedly over the past few months. Sharetec was as responsive as ever, offering advice and taking a proactive approach in regards to what the system could do to further help our members, and us. The Sharetec support team was the reliable business partner we needed during these uncertain times.”
As credit unions continue to change how they service their members, Sharetec is well prepared to adapt to their shifting needs. The company is fortunate in that its business and IT infrastructure are easily transitioned to a remote environment. As many of our Sharetec support team members are able 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. Dan Miller, Vice President, Sharetec, stresses that credit unions can be assured that Sharetec will continue to be readily available to serve them, both now and in the future. “During these unsettling times, we want our credit unions to know that our partnerships are invaluable to us, as is the financial well-being of these institutions and the members they serve. In keeping their best financial interest at the forefront, we will continue to adjust to the current state and provide assistance however we can. We will be working gladly and efficiently to service them daily in a remote environment, and we are poised to continue this practice into the future.”